On the outset and in international comparison, Finland has developed one of the wealthiest and most generous welfare states in the world and with low levels of income inequality and high social mobility. A deeper look reveals deepening regional disparities, leading to the observation that in fact there are four Finlands. Following Finland's post-war industrialisation, the rate of urbanisation and rural depopulation have been rapid, however the country's demographic change and stagnating unemployment rate have increased regional inequalities and put increasing pressure on municipalities. Neither ongoing economic growth nor central government transfers to municipalities and EU-regional funds have helped to balance regional disparities and inequalities. In fact, the measures in place are hardly sustainable and mostly plaster over the increasing difficulties for the worse off regions to provide services to their population. Thus, a new approach for regional development is needed.