Industry 5.0 places human creativity and welfare, sustainability, and resilient systems at the centre of business and government strategies for the benefit of economies, societies and the planet. The combination of these elements can add $1tr annually to global GDP in addition to technology-driven profits, says ‘The Industry 5.0 Index‘, created by the Oliver Wyman Forum and the University of California, Berkeley.

Industry 5.0 will require collaboration between governments and businesses, with supportive policies, regulations, and incentives aligning profit with societal good. Early adopters of Industry 5.0 principles can capture new profit pools and avoid risks of stranded assets or regulatory drag.

The Index measures the readiness of 92 countries across 30 metrics to capture the potential of the Industry 5.0 era. Finland is the overall leader of the Index thanks to its holistic investments in and top scores relating to workforce upskilling, sustainability, and digital and supply chain resilience. One such government initiative allocates roughly $3.6bn until 2027 to fund research, new technologies, and support policies related to climate, industry, and job training.