The world is experiencing multiple intersecting urgent and existential crises, which have profound and inequitable implications for population health. Arguably, the design of the current, dominant economic system and its antecedents is the root cause of these crises, as it externalises impacts on nature, climate and population health, exacerbates inequalities, and rewards extraction, rent-seeking and social hierarchy. A 'wellbeing economy', which aims to achieve social justice within planetary boundaries, has been proposed as an alternative approach to economic design. Many governments, businesses and organisations have expressed interest or commitment to this, but not at the required scale or with the required urgency. Indeed, there is the risk now that the radicalism of a wellbeing economy approach is undermined in its delivery thus far as it has either only been adopted in rhetoric or nascent form; or implemented only as isolated components rather than as part of a comprehensive shift. We, therefore, propose a series of criteria by which judgement can be made on whether progress towards a wellbeing economy is occurring: 1) Is the economy explicitly viewed by relevant actors as serving social, health, cultural, equity and nature outcomes, rather than the reverse?; 2) Is there a comprehensive and plausible pathway to design the economy in a way that achieves these outcomes?; 3) Is there a clear commitment to transitioning away from socially and ecologically damaging economic activities and doing so in a just way?; 4) Are there clear mechanisms that extend democracy over all sectors of the economy, including economic strategy and policy design, and in ownership of economic assets?; 5) Are negative externalities between policy areas or populations assessed and avoided, and positive externalities identified and promoted?; and 6) Are all the measures of economic success focused on social, health, cultural, equity and nature outcomes? We then apply these criteria using a series of examples to show contrasts between genuine wellbeing approaches and wellbeing economy 'window dressing'.