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The Wellbeing Economy (WE) reconceptualises economic systems to prioritise human and ecological well-being over GDP growth, yet its adoption in policymaking remains limited. Despite growing policy relevance, a critical gap persists in understanding how cross-contextual dynamics, entry points, trade-offs, and recurring patterns shape WE implementation. This study addresses this gap by examining policymakers’ perceptions of WE strengths, weaknesses, opportunities, and threats, based on eight semi-structured interviews, six involving actors from four Wellbeing Economy Governments (WEGo) member countries. A qualitative content analysis was applied to the interview data and relevant Horizon SPES and MERGE project documents. Findings indicate that the main strengths of the WE include the transformation of citizens’ roles into active participants in decision-making processes, the adoption of holistic frameworks that facilitate integrated and cross-sectoral policy-making, and the reframing of policy discourse by explicitly linking well-being with economic activity. Notably, a misalignment was observed between strong public demand for wellbeing-oriented policies and policymakers’ perceptions, which may hinder the perceived legitimacy of WE initiatives. Prominent weaknesses concern unclear WE terminology, the most frequently cited category, which is prone to misunderstandings and misinterpretations, followed by the limited availability of shared and standardised technical infrastructure, including indicators, models and metrics. Both weaknesses constrain uptake among policymakers and the broader public. Key opportunities emerge from enhancing public understanding of the WE and leveraging strong leadership to implement eco-social investments independent from economic growth. Supported by robust economic evidence and demonstrable social returns, these investments can ensure local economic security. Sustained exchange between academia and policymakers, grounded in scientific research, can foster the emergence of such leadership. The complexity of transforming a growth-dependent economic system, exacerbated by short-term political cycles and fiscal constraints, represents a key threat, particularly in contexts of political polarization. These findings highlight the importance of identifying concrete entry points, trade-offs, and recurring patterns that can support the implementation of WE policies.