The 2025 World Happiness Report reveals that increasing national happiness directly generates 1-3% economic growth, highlighting the two-way relationship between wealth and wellbeing. The link between money and happiness appears strongest in smaller nations that balance economic prosperity with robust social systems. A recent study by an online gaming company analyzed over 45 countries with the highest GDP in the world to identify the countries where money can buy happiness. The research compared GDP per capita to happiness ranking, quality of life, and economic freedom of each country. The final index was calculated with Min-Max scaling, taking into key indicators.
Here is the summary of the findings:
| Countries | GDP (millions US$) | GDP per capita | Happiness ranking | Quality of life | Index of Economic Freedom | Score |
| Luxemburg | $98,000,000,000 | $147,052 | 9 | 229.15 | 79.5 | 98.01 |
| Switzerland | $897,000,000,000 | $100,029 | 13 | 210.2 | 83.7 | 81.86 |
| Denmark | $415,000,000,000 | $69,183 | 2 | 214.61 | 79.1 | 78.48 |
| Norway | $493,000,000,000 | $87,675 | 7 | 198.95 | 78.3 | 77.94 |
| Netherlands | $1,162,000,000,000 | $63,407 | 5 | 215.63 | 78.2 | 76.63 |
| Finland | $295,000,000,000 | $52,469 | 1 | 207.9 | 77 | 73.35 |
| Australia | $1,749,000,000,000 | $64,840 | 11 | 195.32 | 79.3 | 70.86 |
| United States | $26,889,000,000,000 | $77,497 | 24 | 191.16 | 70.2 | 69.60 |
| Sweden | $590,000,000,000 | $55,365 | 4 | 191.73 | 77.9 | 69.59 |
| New Zealand | $320,500,000,000 | $61,095 | 12 | 194 | 78.1 | 69.44 |
You can access the full research findings by following this link.
The top country where money can buy happiness is Luxembourg, with an index of 98, reflecting strong financial stability and high satisfaction of the population. Luxembourg has the highest GDP per capita on the list, with $147K, as well as the highest quality of life. Overall, the country ranks 9th in happiness in the world, but financial stability contributes significantly to it.
Switzerland ranks 2nd, getting an index of 81.8. The country’s GDP amounts to $100K per person, $47K lower than in Luxembourg, but the economic freedom in Switzerland is better, with an index of 83.7. The country also ranks in the top 20 of the happiest nations, earning 13th place.
Denmark holds third position, with an index of 78.4. The total GDP of Denmark is the second-smallest in the top 10, with $493 billion, but the country ranks high for quality of life and happiness, beating Switzerland.
Norway follows closely with a fourth place and an index of 77.9, less than a point away from Denmark. The country has a GDP of $87.6K per capita, higher than in Denmark, but the quality of life and financial freedom index are a bit lower. Norway still ranks 7th happiest country in the world, enjoying financial stability provided by the economy.
The Netherlands is fifth in the ranking of the countries where money can buy happiness, getting an index of 76.6. With a total GDP of over a trillion dollars, the country ensures a high quality of life, with an index of 215. The country’s residents are also happier than citizens of Norway, Switzerland, or Luxembourg.
Finland ranks sixth, scoring 73.3. Finland has the smallest GDP per capita in the top 10, amounting to $52.4K. At the same time, Finland is the happiest country in the world, which is ed by a high quality of life, with an index of 207 and a lot of economic freedoms.
Australia earns seventh position, with an index of 70.8. Just outside the top 10 happiest countries, Australia still has a total GDP of over a trillion dollars, which is $64.8K per capita, more than in Finland or the Netherlands.
The United States holds eighth place, getting an index of 69.9. With the highest GDP of 26.8 trillion dollars, the U.S. has one of the strongest economies in the world. At the same time, the country ranks 24th on the list of the happiest countries.
Sweden is ninth, with an index of 69.5. The country ranks just above the Netherlands for happiness at 4th place, but has a lower GDP per capita, compared to other countries in the top 10, at $55.3K. The quality of life in Sweden is very similar to the U.S., but the index of economic freedom for Sweden is significantly higher, with 77.9.
New Zealand closes the ranking of the countries where money can buy happiness in tenth place, and an index of 69.4. The country has the second smallest total GDP in the top 10, with 320 billion, but it still adds up to $61K, more than in Sweden or Finland. When it comes to happiness, New Zealand ranks 12th, just after Australia.
A spokesperson from an online gaming company, Casinova, commented on the study: “The link between money and happiness appears strongest in nations that balance economic prosperity with social systems. Smaller countries like Luxembourg and the Nordic states have perfected this formula, creating environments where financial security translates to genuine well-being. This model becomes increasingly relevant as wealth gaps widen and risks of inflation and recession rise.”
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