It is most expensive to be happy in Iran, Yemen and Australia
The price of happiness in each country has been revealed: researchers have revealed how much money per year citizens of 173 countries need to feel happy . Surprisingly, the most “greedy for happiness” were residents of both rich and poor countries.
They say that money can't buy happiness, but a fascinating new study disagrees — and names the amounts that allow people around the world to be happy with their lot, writes the Daily Mail.
Researchers have identified the optimal amount of money per year in 2023 that citizens in 173 countries need to be happy. According to the study, any amount above these optimal income levels has «no effect on a person's happiness.»
Iran has the highest cost of happiness in the world, with residents requiring an annual income of $239,700 to be happy. .
To put it mildly, very poor and civil war-ridden Yemen ranks second in the world rankings, followed by dozens of times more prosperous Australia, whose citizens require a hefty A$188,727 ($121,191) to maintain their level of satisfaction.
The rest of the top 10 countries list includes Zimbabwe in fourth place ($118,342); Norway is in fifth ($117,724).
Rich Switzerland took sixth place: its residents need $115,745 to be completely happy.
Next, in seventh place, is New Zealand ($114,597) .
The eighth place in terms of the amount of money needed to be happy is Israel ($112,506), followed by Iceland ($111,908).
The United States rounds out the top ten, with residents needing $105,000 to stay happy.
According to the S Money study, happiness is most accessible in Sierra Leone, Africa, where happiness levels rise at an income of $8,658 per year. Just behind Sierra Leone is the South American nation of Suriname, where an annual income of $10,255 is the most effective at curbing poverty, the Daily Mail notes. Next on the list of “lowest price for happiness per year” is Madagascar, which costs $11,355 per year.
The rest of the ranking is made up of Guyana (fourth place, $11,707); Sudan (fifth place, $11,845); Nicaragua (sixth place, $11,941); Colombia (seventh place, $12,159); Gambia (eighth place, $12,597); Bolivia (ninth place, $12,795) and finally Ghana (10th place, $12,949).
The UK ranks 18th on the overall list, and Brits need an average of £68,404 ($85,440) a year to be optimistic. However, for those living in the UK capital London, happiness levels increase with a higher salary of $103,083 per year. And happiness is much cheaper in Leicester, where it is enough to have $79,188 a year.
In the US, Santa Barbara in California is the city with the highest cost of happiness at $162,721, followed by Honolulu ($148,943) and New York ($145,028). While the American city with the lowest cost of happiness is Knoxville (Tennessee) — $88,032.
In Russia, according to the study, to be happy you need to earn $17,851 a year. In Ukraine – $16,594.
How were these amounts calculated? First, explains the Daily Mail, the researchers turned to a Purdue University (Indiana) study that analyzed the relationship between happiness and income to find out the price of happiness in each country and individual cities.
This study fixed the point saturation for Life Estimate (LE) in US dollars for each region of the world.
Life Estimate is a Gallup worldwide poll measure that measures how good a person thinks their life is, explains the Daily Mail. The LE saturation point refers to the point of income at which any further increase in income has no effect on the individual's happiness.
The researchers say, “The numbers in the study grouped countries by region of the world and indicated saturation points relative to American purchasing power. So, to determine the local price of happiness by country, we converted these numbers back into local currencies using country-specific purchasing power ratios. obtained from the International Monetary Fund. Purchasing power ratios represent the number of units of local currency that are equal to the purchasing power of one US dollar in the United States. Finally, we converted the local currency back to US dollars using the current exchange rates provided by Google Finance. And the price is obtained happiness.»
However, as the Daily Mail notes, one Harvard study argued that it is not what you earn that leads to happiness, but how you spend it. The researchers said that buying experiences and less Amount of material goods will make you more content, as will paying close attention to the happiness of others.