The UK is ranked in the top 20 countries for needing the most money to achieve optimal happiness

174 countries around the world and the total cost of happiness (small money)

Have you ever wondered how much money you would need to be truly happy? Researchers in this new study have the answers, and it’s no surprise that the cost varies around the world.

Some may say, “Money can’t buy you happiness,” but others argue that this is simply not true. Take living in the UK for example, where millions of people are experiencing stress caused by a cost of living crisis, where increases in the cost of food, rent, energy bills and mortgage interest rates radically change a person’s quality of life.

Surely a few extra pounds would make life a little easier, giving us time to be a little happier? A new study conducted by S.Money in 174 countries around the world has found the optimal amount of money a person needs each year to be happy. The researchers claim that any amount above these totals “has no effect on an individual’s happiness,” even if that total is miles away from the millions.

Not surprisingly, the country with the highest cost of happiness in the world is Iran, needing a total of $239,700 to achieve optimal happiness – that’s about £192,286.14 in GDP. Yemen comes in second with US$172,140 / £137,817, followed by Australia with US$121,191 or £97,026.

Meanwhile, the lowest price for happiness belongs to Sierra Leone, where it takes just $8,658 (£6,945) a year to feel joyful. Suriname comes in second with just $10,255 (£8,226.51), followed by Madagascar with $11,355 (£9,108.92). The researchers used data from a Purdue University study on the relationship between happiness and income to come to their findings.

However, don’t be tempted by these numbers to jump on a plane and move to another country, as Mark Schulz, associate director of the Study of Adult Development at Harvard University, warns that happiness is not limited to money. “Money can’t buy us happiness, but it is a tool that can give us security, security and a sense of control over our lives. Ultimately, life is really about connection with others. It’s our relationship,” he said. That makes us happy.”

Countries with the highest cost of happiness:

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