Using the five-wave VARHS panel dataset, this chapter analyses the dynamics of household welfare between 2006 and 2014. Welfare is measured based on real per capita food consumption and income, as well as an asset index. A descriptive analysis is presented, along with an econometric analysis of welfare changes according to each measure, comparing the beginning and end of the panel and looking at mobility between waves. While the overall pattern is of strong upward mobility over the period for most households, a significant minority in fact became worse off. Some important factors identified for positive improvements in welfare include education and having household members who migrated elsewhere, while ethnic minority households often have significantly lower welfare growth.