<p> Research on social well-being has predominantly focused on urban contexts, while limited knowledge exists about how well-being is shaped in Indigenous communities of the Global South. To address this gap, this study poses the question: What dimensions are considered relevant for generating social well-being in Indigenous contexts? To answer this, a longitudinal qualitative study was conducted in Indigenous communities in Oaxaca, using semi-structured interviews carried out at two points in time (N = 112), with participants from different ethnic groups. A thematic analysis was employed to identify the patterns people consider important for achieving well-being. The findings show that well-being in these contexts is multidimensional. On the one hand, material dimensions such as education, employment, and income are salient. On the other hand, subjective components such as life satisfaction, emotional balance, and, most notably, spirituality also emerge as central. One of the central findings is the importance of community well-being, which, unlike in other contexts, is articulated through ontological aspects, including ancestral knowledge and collective practices. Reciprocity, mutual aid, and connection with nature are fundamental not only to collective but also to individual well-being.</p>