Are Rich People Happier than Poor People?

New York Times ^ | April 22, 2008 | Justin Wolfers

[expat_panama]

[snip] It sure seems like the rich are more likely to be “very happy” than the rest of us. Is this a big effect? In 2005, Robert Frank argued:
When we plot average happiness versus income for clusters of people in a given country at a given time, we see that rich people are in fact much happier than poor people.
It’s actually an astonishingly large difference. There’s no one single change you can imagine that would make your life improve on the happiness scale as much as to move from the bottom 5 percent on the income scale to the top 5 percent.
Let’s go ahead and draw the plot that Frank envisions, using all of the data from the 2006 survey:

Here’s the key point:
By comparing rich and poor people, we estimate a happiness-income gradient that has a slope that is similar to what we saw when we compared rich and poor countries.
OK, that’s the United States, what about other countries? We estimated the well-being-income gradient for over 100 countries in the Gallup World Poll. Rather than show you dozens of separate coefficients, we’ll let a picture tell the story (and let me admit, I love this graph).

... [ship] ... it stands directly at odds with a key claim of Easterlin (see p.106 to 107):
… the happiness difference between rich and poor countries that one might expect on the basis of the within-country differences by economic status are not borne out by the international data.
[snip]

[spectre]

Which would we rather be?

Miserable and rich..OR.. Miserable and poor?

End of discussion..:)

sw

[AnAmericanMother]

A disease of excess?

Absolutely, although there's a strong genetic component.

I see Crusoe's dad as a grumpy old fat guy with his foot on a cushion and the decanter of port close to hand.

[Dianna]

It WILL solve your money problems.

Oddly enough, having recently come into a little bit of money, I notice that I worry every bit as much about keeping and growing that money as I did worrying about how bills were going to get paid.

The worse part is that I was confident that the bills would get paid, it was just a matter of how long it would take. I can't be confident that the money WON'T need to be spent, and thus, disappear.

All in all, I'd rather have my troubles. But I really think people just are the way they are. If you're basically a happy person, you'll be happy despite your circumstances. If you're a worrier, you'll be a worrier despite your circumstances.

[Billthedrill]

Of course money can’t make you happy unless you’re a numismatist. But money buys beer. And beer makes you happy.

[patton]

Ayep, I think you pegged that decription.

Having said that, the passage is correct. Being staid middle class (US definition, not Brit), has many advantages.

[Sleeping Freeper]

Great Quote!... thanks for sharing.

[HanneyBean]

I don’t believe money can make someone happy, but it can increase financial security, which usually leads to less stress and an overall sense of wellbeing.

I’ve had times where I’ve lived paycheck to paycheck, and I’ve had times where the living was good. I don’t think you need to wonder which times I prefer!

[Prokopton]

And beer makes you happy.

God made it thus.

[Soliton]

Ask Amy Winebottom, or Weinstone, or Whineyhoes, whatever her name is. Why do the rich and famous keep killing themselves?

[hosepipe]

WHat does rich/poor mean?..

[Sig Sauer P220]

I’d rather be rich and miserable than poor and miserable.

[MosesKnows]

average happiness

Average happiness; interesting expression. Happiness is more a state of mind than an inventory of material objects.

Happiness is not getting what you want; happiness is wanting what you get.

[tal hajus]

I believe that it was Sophie Tucker who said, “I’ve been poor and I’ve been rich, and believe me honey, rich is better”

[NEMDF]

You just need to find your soul. Obama will help you. But I am just a typical white person, so what do I know?

[brwnsuga]

My family is working -middle class. We are happy. I think we would be even more happyr with more money. But if I suddenly turned into a billionaire, I’m not so sure.

[Clock King]

As Forest Gump said: "Lt. Dan got invested in some fruit company...;and he said, 'Now we don't have to worry about money, no more!' And that's good, because that's just ONE LESS THING to worry about..."

It would great to have enough that money is no longer a concern in your life. But money won't solve all your problems; just look at Britney.

[Misschuck]

I think the secret to happiness is to want less than you have.

[Jeff Chandler]

But if I suddenly turned into a billionaire, I’m not so sure.

The way people will know if I become a billionaire is that everyone will be saying, "Have you seen Jeff lately?"

[Appleby]

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[Married with Children]

I dig Cougars