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First Nation community well‐being is examined with a lens on the role of geographic location and financial indicators as potential determinants of well‐being. Regression analysis makes use of data from the 2016 Canadian Census and First Nation government financial statements to examine six well‐being indices for 446 First Nation communities. The results suggest that geographic location is the most critical factor explaining well‐being with more remote and northern communities experiencing relatively lower levels of measures of well‐being, with the exception of Indigenous language. Numerous well‐being distinctions are also identified among the Canadian provinces and regions. The financial indicators assessing transfer revenue from First Nation entities and Nation‐owned business activity are found to be positively associated with community well‐being. These insights are valuable to public policy‐makers and Indigenous leaders, in Canada and other countries, as they shape policy for the benefit of First Nation people. [ABSTRACT FROM AUTHOR]