A recent study from Purdue University reveals that New Zealand is the seventh most expensive country when it comes to attaining happiness, requiring an annual income of $193,727 or US$114,597. In contrast, the average household income in 2022 was approximately $117,126.
The university’s research assessed the relationship between income and quality of life, determining a global “happiness income” range of $100,000-$125,000. This latest study ranks 164 countries based on the cost of happiness, and further breaks it down for over 500 cities. S Money, a currency exchange firm, used the university’s data for this ranking.
Australia surpasses New Zealand in this list, ranking as the third priciest country for happiness. Cities like Brisbane and Sydney were among the top 10 most expensive cities globally, with Brisbane’s happiness cost reaching $225,511.
On the cheaper end of the scale, Sierra Leone was highlighted as the most affordable country for contentment at $14,711 per annum. Additionally, Bucaramanga in Colombia offers happiness at just US$16,900 annually, making it the most cost-effective city worldwide.
Within New Zealand, Auckland is the costliest city for happiness, requiring $207,000 annually. Meanwhile, Christchurch, the most affordable Kiwi city in the study, demands $180,000 yearly.
While there’s a connection between happiness and the cost of living, the amount needed to shield from ‘unhappiness’ is also crucial. Iran was identified as the world’s most expensive country to achieve happiness, where the cost is set at US$239,700, despite the average income being significantly lower.
Furthermore, the longstanding debate on whether money can truly buy happiness continues. According to Harvard’s Department of Psychology, the relation between wealth and joy is minimal. Nonetheless, holidays are deemed a significant investment for those seeking happiness. Harvard professor Daniel T. Gilbert suggests that the joy of anticipating a vacation often surpasses the actual experience. Small, frequent trips are believed to bring more happiness than a few big, lavish ones.
