This paper reexamines the construction of indicators of standards of living, by focussing on the challenges raised by the subjectivity and the multidimensionality of living conditions. For that purpose, we apply Choquet integral-based multiattribute value theory to the elicitation, from rankings of multiattribute hypothetical societies, of individual preferences on different dimensions of living conditions. A simple application of the proposed approach highlights that preferences on multiattribute societies cannot, in general, be represented by an additive value model, as there exist complementarities and redundancies between different dimensions of standards of living. Our elicitation exercise reveals also a strong heterogeneity of individual preferences on hypothetical societies. Finally, we explore how elicited preferences can be used to cast a new light on the ranking of actual societies.