QOL means quality of life measured by many social and economic factors not restricted to standard of living, the amount of money and access to goods and services that a person has.
Others determinants such as freedom, happiness, Self-esteem, sense of wellbeing, initiative, environmental health, health care and innovation are harder to quantify.
Encyclopedia Britannica's defines Quality of Life:
Quality of life, the degree to which an individual is healthy, comfortable, and able to participate in or enjoy life events. The term quality of life is inherently ambiguous, as it can refer both to the experience an individual has of his or her own life and to the living conditions in which individuals find themselves. Hence, quality of life is highly subjective. Whereas one person may define quality of life according to wealth or satisfaction with life, another person may define it in terms of capabilities (e.g., having the ability to live a good life in terms of emotional and physical well-being).
See "What is QOL?"