We present evidence for the strengths of the intellectual virtues that philosophers and behavioral scientists characterize as key cognitive elements of wisdom. Wisdom has been of centuries-long interest for philosophical scholarship, but relative to intelligence largely neglected in public discourse on educational science, public policy, and societal well-being. Wise reasoning characteristics include intellectual humility, recognition of uncertainty, consideration of diverse viewpoints, and an attempt to integrate these viewpoints. Emerging scholarship on these features of wisdom suggest that they uniquely contribute to societal well-being, improve leadership, shed light on societal inequality, promote cooperation in Public Goods Games and reduce political polarization and intergroup-hostility. We review empirical evidence about macro-cultural, ecological, situational, and person-level processes facilitating and inhibiting wisdom in daily life. Based on this evidence, we speculate about ways to foster wisdom in education, organizations, and institutions.