During the last three decades, social capital has gained prominence throughout the social sciences. The concepts has been analysed in various manners (from perspectives of economics, political sciences, sociology, anthropology etc.) providing wide range of theoretical conceptualizations. The aim of paper is to analyse the relation of social capital and possibility to improve the well-being of the municipality’s citizens using co-responsibility approach. In order to achieve the aim, the tasks are formulated as follows: 1) to review theoretical background for concept of social capital and subjective well-being, 2) to analyse the factors of social capital at local level, and 3) to use the results of conducted empirical research at Salaspils municipality in analysing the correlation of level of social capital and possibility to improve well-being implementing inclusive local management. Research methods used: Scientific literature studies, several stages of focus group discussions, statistical data analysis, SPIRAL methodology, scenario method. The main findings of the paper - there are evidences on relation of social capital and possibility to improve the well-being of the municipality’s citizens. In municipalities with sufficient level of social capital are good opportunities to use participatory techniques for achieving higher level of overall well-being. The paper consists of practical value how to mobilise the social capital of the municipality in order to ensure the inclusive management of the territory.