Sources:Happiness: Maktoob Research
GDP data: CIA World factbook
Update: Some people are wondering about the more general relationship between income and happiness - here it is, from the world values survey (click on chart to enlarge):
Wednesday, 23 April 2008
Money can't buy happiness...
The old adage is true - money can't buy happiness (at least in the GCC). A survey by Maktoob research (here) suggests that Omanis are the happiest people in the Gulf. Interestingly enough, they are also the poorest in terms of GDP per capita. In fact, it turns out that the simple relationship between GDP Per capita and Happiness in the Gulf is relatively flat, and, if anything, slightly negative. The policy implication of this is not, however, that countries should aim to decrease their GDP! But it does highlight that consideration should be given to the environmental and social effects of rapid economic change. For your convenience I've produced a chart of the results below:
Sources:
Happiness: Maktoob Research
GDP data: CIA World factbook
Update: Some people are wondering about the more general relationship between income and happiness - here it is, from the world values survey (click on chart to enlarge):
Sources:Happiness: Maktoob Research
GDP data: CIA World factbook
Update: Some people are wondering about the more general relationship between income and happiness - here it is, from the world values survey (click on chart to enlarge):
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2 comments:
It is interesting to note that we would typically expect an inverted U curve for the results. It is when the GDP per capita reaches a critical threshold point that we expect the inverse relationship between money and happiness to set in - money cannot buy happiness only when it is over and above that benchmark.
It would be interesting to see a similar chart for western countries.
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