The article presents the results of a study of life values and their relationship with the subjective well-being of indigenous small-numbered peoples based on the example of the Nenets. The relevance of this study is due to the fact that globalization transformations determine the change in human living conditions in the Arctic zone. This process often takes place painfully: representatives of indigenous small-numbered minorities cannot find their place in the new economic and multicultural system, which leads to the loss of vital meanings and subjective ill-being. The article notes that the solution to this problem may be to take into account life values during the transformation of the economic behaviour of the indigenous small-numbered peoples of the Russian Arctic.

The materials presented in the article demonstrate a strong relationship between the level of satisfaction with life and the subjective level of income (subjective economic well- being). The most important life values for the Nenets (security, kindness, independence) turned out to be connected both with the level of satisfaction with life in general and with the level of subjective economic well-being.

In conclusion, it is noted that the results obtained make it possible to formulate recommendations for various entities on the effective transformation of the economic behaviour of the indigenous small-numbered peoples of the Russian Arctic, in particular the creation of conditions for stability, social security, community and collectivism, as well as the ability to independently make economic decisions.