Irkutsk Oblast is one of the most industrially developed regions of Eastern Siberia and is a regional leader in the Siberian Federal District. From 2011 to 2016, sustainable economic growth in the region increased the tax revenues of all budgetary levels. This growth should translate into higher average incomes and improved social services. However, the stable economic growth of the region has done little to improve the social well-being of Irkutsk residents. There is a gap between the level of economic and industrial development and the standard of living of the regional population. This article describes the areas where this gap is most prevalent (employment, wages, the social sphere), considers its demographic causes and effects, and provides a set of recommendations for narrowing the gap between economic development and the social sphere.