How Much Income Buys Happiness?
Can money buy happiness? According to Skandia International Wealth Sentiment Monitor, $161,000 can. The figure is the global average “happiness income” for 13 surveyed nations. Although the average is $161,000, the actual response for various countries vary significantly. For example, resident of Dubai said they needed $276,150 before they felt happy; Singapore and Hong Kong residents needed similar amounts hovering around $200,000.
European residents, on the other hand, needed less material wealth in order to feel happy. Germans, in fact, responded they needed just $85,781 in annual income in order to feel happy. The French needed $114,000, while the British needed $133,000.
Survey respondents needed even more money before they felt they were “wealthy.” Believe it or not, globally, the average amount needed to feel wealthy was $1.8 million, while people in Singapore do not feel wealthy unless they are earning $2.91 million a year. Americans responded more modestly, stating they felt wealthy with a mere $1 million in earnings.
Surveyors at Skandia concluded that wealth and financial happiness are not absolute, but instead relative to the respondent’s peers and surroundings. Therefore, for example, a person living in Dubai, surrounded by extreme wealth, needs more material goods to feel wealthy. On the other hand, a person living in Germany, where wealth is more evenly distributed, needs less in order to feel well off.
[Image via Shutterstock]
