This thesis is mainly concerned with how equality is related to social and individual wellbeing. It is widely believed that inequalities are both necessary and beneficial for society. This has been repudiated by recent studies claiming the opposite. This thesis will first elaborate on the concept of equality before investigating the relation between inequalities and different components of wellbeing with the use of a literature review. It finds that several adverse effects are correlated with inequalities and that competition might be an explanation for- as well as an amplifier of the adverse effects. Based on these findings, the thesis presents some guidelines for incorporating equality within a set of policy-areas. It concludes that the main points of importance are to avoid connecting the ability and merit of a person to the value of that person as well as to achieve material equality: both these working as a foundation for a subjective feeling of equality in value.