The price of happiness in every country revealed: Fascinating map details the annual salary each nationality needs to be content – so how much cash would keep YOU cheerful?
They say money can’t make you happy, but a fascinating new study suggests otherwise – and names the amounts that keep people around the world satisfied with their lot.
Researchers have revealed the optimal amount of money per year in 2023 that citizens in 173 countries need to be happy, along with the annual salaries that will keep residents of 63 US cities and 29 UK towns and villages happy.
According to the study, any amount above these optimal income points has “no effect on an individual’s happiness.”
Iran has the highest cost of happiness in the world, with its population needing an annual income of $239,700/£191,906 to be happy. Yemen comes in second ($172,140/£137,817), followed by Australia, whose citizens need a princely sum of $188,727 AUS ($121,191/£97,026) to maintain satisfaction levels.
The rest of the top 10 countries list consists of Zimbabwe (fourth, $118,342/£94,745); Norway (fifth, $117,724/£94,251); Switzerland (sixth, $115,745/£92,666); New Zealand (seventh, $114,597/£91,747); Israel (eighth, $112,506/£90,073); Iceland ranks ninth ($111,908/£89,594) and the United States 10th, with its population needing $105,000/£84,064 to stay happy.
They say money can’t buy you happiness, but a fascinating new study suggests otherwise – and names the amounts that keep people around the world satisfied with their lot
According to the study, by S Moneyhappiness is most affordable in Sierra Leone, Africa, where happiness levels off at an income of $8,658/£6,931. Just behind Sierra Leone is Suriname in South America, where an annual income of $10,255/£8,210 will most efficiently keep misery at bay. Next on the list of ‘lowest annual price for happiness’ comes Madagascar ($11,355/£9,090).
The remainder of this ranking consists of Guyana (fourth, $11,707/£9,372); Sudan (fifth, $11,845/£9,483); Nicaragua (sixth, $11,941/£9,560); Colombia (seventh, $12,159/£9,734); Gambia (eighth, $12,597/£10,085); Bolivia (ninth, $12,795/£10,243) and finally Ghana (10th, $12,949/£10,367).
Britain ranks 18th on the overall list, with Britons needing an average of £68,404 ($85,440) a year to be optimistic.
Happiness is most affordable in Sierra Leone, Africa, where happiness levels off at $8,658/£6,931
However, for those living in the British capital London, happiness lies at a higher salary level: $103,083/£79,524. London tops the price-of-satisfaction table for UK cities and towns, with Cambridge in second ($96,971/£74,808) and Guildford in Surrey in third ($96,276/£74,273).
According to the research, happiness is cheapest in Leicester. There, $79,188/£61,117 per year is the saturation point for feelings of bonhomie.
In the US, Santa Barbara, California is the city with the highest cost of happiness: $162,721/£130,276, followed by Honolulu ($148,943/£119,251) and New York ($145,028/£116,116), while Knoxville, Tennessee is the city with the highest cost for happiness. US city with the lowest cost of happiness – $88,032/£70,482, with Cincinnati in Ohio ($93,398/£74,779) just above in the list.
In Britain, happiness is cheapest in Leicester. There $79,188/£61,117 per year is the saturation point for feelings of bonhomie
In the US, Santa Barbara, California is the city with the highest cost of happiness: $162,721/£130,276, followed by Honolulu ($148,943/£119,251) and New York ($145,028/£116,116)
How were the amounts calculated? First, researchers consulted a Purdue University study which analyzed the relationship between happiness and income to discover the price of happiness in each country and selected cities.
This study recorded the life evaluation (LE) saturation point in US dollars for each world region.
S Money said: ‘Life Evaluation is a measure from the World Gallup poll that measures how good a person thinks their life is. The saturation point of LE refers to the income point at which a further increase in income has no effect on an individual’s happiness.’
It continued: “The figures in the study grouped countries into world regions and listed saturation points relative to an American’s purchasing power. So to discover the local price of happiness per country, we converted these figures back to the local currency using country-specific purchasing power ratios sourced from the International Monetary Fund. Purchasing power ratios represent the number of units of local currency equal to the purchasing power of one U.S. dollar in the United States.
“We ultimately converted the local currency back to US dollars based on current Google Finance exchange rates. This is the price of happiness.
‘Additionally, the team calculated the price of happiness for selected cities in each country by adjusting the country price of happiness to the cost of living for both countries. towns And to land in indexes of Numbeo.’
DOES MONEY MAKE YOU HAPPY?
A Harvard study claimed that it is not what you earn, but how you spend it, that leads to happiness.
Researchers say that buying experiences and fewer material goods will make you more satisfied, as will paying close attention to the happiness of others.
For more information visit www.smoney.com.au/blog/the-price-of-happiness-in-every-country.