Theories of individual well‐being fall into three main categories: hedonism, the desire‐fulfilment theory, and the list theory (which maintains that there are some things that can benefit a person without increasing the person's pleasure or desire‐fulfilment). The paper briefly explains the answers that hedonism and the desire‐fulfilment theory give to the question of whether being virtuous constitutes a benefit to the agent. Most of the paper is about the list theory's answer.