The world happiness report (2019) has represented that the higher incomes are associated with higher levels of happiness among a nationality. The average level of happiness has not been moving in a parallel line along with incremental income. In other words, it is factual that as country get richer, but they not get happier However, the fact that the incremental income increases the happiness index levels cannot be deemed to be totally true by nature.
The provided information indicated a strong empirical relationship among nations, with wealthy countries enjoying a better average level of happiness. However, Economic growth can ensure happiness only until certain point. After the satiation of the basic needs are met other factors may also influence between the relationship of income and happiness and these tend to be non – economic reason.
If we compare data between 2006 and 2016, UK residents generally were not observed to be much happier, even after the presence of evident GDP per capita income growth. Many countries those have lower per capital income have been observed to be happier than the counterparts thus signaling the need for other related factors excluding monetary bliss as a reason for sustainable happiness. For instance, after the Brexit vote, the total Happiness index relating to the UK has increased to 44% in the year 2016.
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When inequality high in income was developed then the people are exposed to the increasing wealth of others. As a result they may focus more on their personal economic standing and less on the total standing. In 2019 only Luxembourg would have GDP per capita above one hundred thousand US dollar however they were place at the 17th in the happiness index.
The world happiness report (2019) has represented that the higher incomes are associated with higher levels of happiness among a nationality. The average level of happiness has not been moving in a parallel line along with incremental income. In other words, it is factual that as country get richer, but they not get happier However, the fact that the incremental income increases the happiness index levels cannot be deemed to be totally true by nature. The provided information indicated a strong empirical relationship among nations, with wealthy countries enjoying a better average level of happiness.
However, Economic growth can ensure happiness only until certain point. After the satiation of the basic needs are met other factors may also influence between the relationship of income and happiness and these tend to be non – economic reason.
If we compare data between 2006 and 2016, UK residents generally were not observed to be much happier, even after the presence of evident GDP per capita income growth. Many countries those have lower per capital income have been observed to be happier than the counterparts thus signaling the need for other related factors excluding monetary bliss as a reason for sustainable happiness.
For instance, after the Brexit vote, the total Happiness index relating to the UK has increased to 44% in the year 2016. When inequality high in income was developed then the people are exposed to the increasing wealth of others. As a result they may focus more on their personal economic standing and less on the total standing. In 2019 only Luxembourg would have GDP per capita above one hundred thousand US dollar however they were place at the 17th in the happiness index.
References
- World Happiness Report
- The Non-Linear Relationship between Income and Happiness: Evidence from Threshold Effects
- The Contribution of Economic Factors to Self-Rated Happiness in Nurses Working in Public Hospitals: A Nationwide Cross-sectional Study
- Positive Psychiatry, Positive Psychology and Economic Growth: The Return of Growth Stole Our Happiness
