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Subscribe to RSSCNBC's Robert Frank has the results of what people around the world say they need to make to be "happy."
More than one study has tried to determine the financial price of happiness. Some look at wealth. Others look at income.
One well-publicized study last year put the optimal income for happiness at around $75,000. Rising income, it turns out, produces greater happiness until you get to around $75,000. After that, there are diminishing returns, with more income leading to little or no gain in real happiness.
This is a fraught question, of course. “Happiness” itself is not easily defined, and money doesn't always guarantee it. And the financial requirements for happiness usually depend on geography, peer groups and other external factors.
The latest to weigh in on the issue is Skandia International’s Wealth Sentiment Monitor. It found that the global average “happiness income” is around $161,000 for 13 countries surveyed. The United States wasn’t specifically measured. (Read more: Why Millionaires Prefer Dogs)
But there was a wide range of answers depending on the country. Dubai residents need the most to feel wealthy. They said the needed $276,150 to be happy. Singapore came in second place, with $227,553, followed by Hong Kong, with $197,702.
The region with the most modest needs for happiness is Europe. Germans only need $85,781 to be happy, placing them lowest on the list. The French need $114,000, while the British need $133,000.
The survey doesn’t ask about total wealth needed to feel happy. But it does ask about the amount of wealth needed to feel “wealthy.” Globally, the average amount needed to feel wealthy was $1.8 million.
Singaporeans took the lead on the “wealth” needs, with $2.91 million needed to feel wealthy. Dubai ranked second with $2.5 million, followed by Hong Kong with $2.46 million. (Read more: Where to Live If You Want to Be a Millionaire)
Surveys show that among Americans, most say they need $1 million or more to feel wealthy.
All of this shows that wealth and financial happiness is not an absolute number, but is relative to your peers and surroundings. Living in Dubai, with all those oil barons and oligarchs, the needs are higher. In Germany, where wealth is more evenly distributed, the needs are not as high.
How much wealth or income would you need to feel happy?
Follow Robert Frank on Twitter: @robtfrank
CNBC's Robert Frank looks inside one of the world's most expensive apartments.
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I've read several figures and 161K is the lowest I've seen. Most common figure I've read is 250K in your retirement. Rumor has it that Obama want to tax your retirement and bygolly 250K is the defination of "Rich".
There is never enough... How happy you are is when you reach a point where there is a less stress when it comes to money.
Sure you can live on $20K a year but, what type of life is that ? If that 10 year old car breaks down, do you have the $1200 to fix it in the bank ? What if the hot water heater blows up in your home, sure you have insurance but, not everything is covered for what it costs to replace ? You might be happy with live but, I don't care what everyone thinks, the lack of Money is one of the biggest downfalls in life.
In my eyes, enough money to afford little things with out having to worry if I am going to be able to pay all the bills in a month. That would be almost a happy level but, I would be really happy if I could afford nice extras and not have to worry about it with a bank account to afford if something big breaks.
Everyone will always have a different thought on this subject... and everyone's views are different.
Does anyone besides me see a disconnect between Obama and the American people in this article?
Here is what I see. Obama says that we must raise taxes on the rich 2%. That rich 2% start at 250,000. Yet this article states that the American people think 1 Million or more defines the rich. Yet the Progressives say that the American people want a tax increase on the rich. So which is it? $250,000 per year or 1 Million per year?
This is for Donald - if I can find the truth about Oboma's birth place why can't you?
You would definitly be grinin. Your just lookin in all the wrong places. You just need to find a witness of him being born. No it's not me.
Working your way up the ladder to $250001 must be the most depressing income.
Although I must admit to only reading the HEADLINE.......Happiness (IMO) is in having few wants.
Well that explains my lack of enthusiasm.
Happiness & money are overrated; I want a life of joy & good health. I grew up dirt poor, with my parents working multiple jobs just to scrape by & yet I have many happy memories; fast-forward to me at 32, where my partner & I have a household income of $250K. I can't say that I'm any happier--just that life seems to get more expensive the more you make. I have an amazing family & am incredibly blessed in a lot of ways, but I've had and always will have plenty of struggles, too, regardless of what my income is. So, I say screw the studies like this & instead find what makes you joyful--and hopefully it's not tied directly to your bank account.
You can have all the money in the world and not be happy.
I've been rich and I've been poor. Believe me, rich is better. (Attributed to Sophie Tucker, Mae West, and others)
Have enough money to live comfortably, not have to work for a living (work at doing something you enjoy no matter what the salary) and not have to worry about bills and I would be happy.
under Obama admin, my number should be $1 million, 65K for a normal income and the rest to compensate everytime i see his face. :)
So it's all about the money. Good luck to those college graduates who are chasing the 'American dream' as has now become the nightmare on elm street. No jobs, paying off college loans, inadequate housing, utilities costs making up 20% or more of your income per month and now we need a 'greed' meter to get us by.
I make more than $1 million and I'm sure a lot happier than you dopes making $161k.
Hook me up Bro ! I sure could use a decent good job.
Gary, you remind me of the sea captain who suffered through his whole life chasing a white whale. Many of us liberals have college degrees, productive jobs which contribute to the promise of senior security forboth us and conservatives and we make over that magic number. Life is too short for us and too long for you. even if you don't suffer your miserable existance in silence, we'll listen and feel better about ourselves after hearing you whine about the inequties of life. so sad.
I grew up in very wealthy neighborhoods like Old Greenwich, Connecticut and Lake Forest Illinois. Let me assure you that you can me MISERABLE at any income level.
The idea that a certain income level equates to "happiness" is flawed and, well, STUPID.
When I made the vaunted "big salary" I was happy. But now that I make less, spend less, and have more in the bank, I am much more relaxed and happier.
You can be happy at any income level, it is simply a matter of choosing to spend less than you make.
I make much less than what I earned in the 1990's. I earned 200K for a year or two and I have to say if felt pretty darn good. Buying crap felt good. But only temporarily. Now I'm older and wiser and I don't need a lot of money to fell good. Although, I could use $68,817.00 to pay off student loans and other stuff. What the heck. Money doesn't buy happiness but it does give more options.
I thing there are MILLIONS in this country who would obtain happiness by just having a job with a livable wage under the current B.O. Administration... Cut the damn POLITICS Mr. President and be a REAL leader who takes care of his nation!
There are MILLIONS in this country that would be happy to have a job with a liveable wage in this B.O. Administration's pathetic economy. Mr. Prez - stop playing POLITICS and actually be a WORLD LEADER who takes care of his NATION without the inner city ENTITLEMENT vote that got you ELECTED. Get CITIZENS back to work and then maybe more of us could actually be HAPPY!
I would have expected France's requirement to be relatively low. If you've spent any time in France, it's clear the French know how to live and enjoy life. I speak the language well enough to get by there, and I'd retire to the Riviera in a minute if it wasn't for close family ties in the USA.
I think it matters how much your income allows you to do the things you want to do. If you're creative and want to play music, write, etc. you need less income than if you want to travel, burn 100 gallons of gas/day fishing on large pleasure boat, travel overseas constantly, etc.
I'm retired with a paid-off mortgage and make a little more than the average full-time worker and that allows me to do most of the thing I want to do.
I make less then 10,000 a year and I'm happy. I don't waste it on junk, and have a budget. How will these people, making all this money, survive when times get really tough? Because You ain't seen nothing YET...............
I've been laid off 6 times under the Obama years from 4 different companies. Who do you think I voted for ? The only ones that made out from the bailout were Obamas buddies. Where is Oswald when you need him ?