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Money CAN buy you happiness, according to new research

Bykatie@journalistic.org

Feb 28, 2024
Photo Credit - Shutterstock_Romolo Tavani

We’ve all heard the saying “money can’t buy you happiness”, but how true really is it?

Keen to answer this age-old question, CasinoTop3 compared the happiness index scores of different countries to the average salary, number of billionaires, and life expectancies, in a bid to find out once and for all if money truly can buy you happiness

Study summary

The study determined that there was a significant positive correlation (0.68) between average salary and happiness score, meaning that the data suggests money does in fact buy happiness.

Positive correlation was also shown between average salary and life expectancy (0.67), as well as between life expectancy and happiness (0.66). 

The Top 10 Happiest Countries in the World

Rank Country Billionaires Average Salary Life Expectancy Happiness Score
1 Finland 7 £2,256.51 82.52 7.80
2 Denmark 7 £2,867.82 82.03 7.59
3 Netherlands 10 £2,738.62 82.58 7.40
4 Sweden 26 £2,140.48 83.65 7.40
5 Norway 9 £2,697.47 83.55 7.32
6 Switzerland 78 £5,239.94 84.38 7.24
7 Luxembourg 1 £4,243.14 82.75 7.23
8 New Zealand 2 £2,296.84 83.16 7.12
9 Austria 11 £2,048.66 82.57 7.10
10 Australia 43 £2,707.54 83.73 7.09

Please find the full dataset, with charts and breakdowns for each factor and correlation, here.

Finland was revealed to be the country with the highest happiness score, with an overall score of 7.80

Finland also ranked within the top third for average salary and life expectancy across all 60 countries compared within the study.

Google searches for “living in Finland” are up 50% worldwide over the past year, proving there is a growing appetite for this way of life.

Following closely behind, boasting a happiness score of 7.59, was another Nordic country; Denmark

The country’s average salary (£2,867.82) was the 6th highest across the whole study, and the Danes also rank in the top half for life expectancy and number of billionaires.

Whilst placing third for its total happiness score of 7.40, is the Netherlands

The only non-Nordic country ranking within the top five, across all of the 60 countries compared as part of the study, the Netherlands boasts the 7th highest average salary (£2,738.62) and the 16th highest life expectancy (82.58).

The Top 10 Unhappiest Countries in the World

Rank Country Billionaires Average Salary Life Expectancy Happiness Score
1 India 157 £462.79 72.03 4.04
2 Egypt 4 £143.08 70.81 4.17
3 Turkey 25 £494.02 78.68 4.61
4 Morocco 2 £309.17 75.2 4.90
5 Ukraine 6 £322.11 73.02 5.07
6 Georgia 1 £389.94 72.43 5.11
7 South Africa 5 £1,032.99 62.89 5.27
8 Indonesia 25 £253.82 71.1 5.28
9 Hong Kong 68 £2,942.46 85.83 5.31
10 Algeria 1 £231.42 77.34 5.33

Please find the full dataset, with charts and breakdowns for each factor and correlation, here.

With an overall happiness score of 4.04, India was revealed to be the least happy country in the study. 

India ranked 7th lowest for life expectancy (72.03) and in the bottom third for average salary (£462.79). However, India did have the third highest number of billionaires with 157, only beaten by the United States (754) and China (523).

Next up in the rankings for unhappiest country was Egypt, with a happiness score of just 4.17.

Egypt had the lowest average salary of all 60 countries in the study at just £143.08, as well as the 4th lowest life expectancy (70.81).

Turkey had the third lowest happiness score at just 4.61, and ranked in the bottom half for life expectancy (78.68) as well as average salary (£494.02).

Photo Credit – Shutterstock_Romolo Tavani