Abstract
This paper provides an overview of the global trends and driving forces of well-being and income. We extend the literature by examining inequality in both variables, since average well-being and income measures can obscure important disparities in people’s lives. We use data from the Gallup World Poll for nine years (2009–2017) and 158 countries (N = 1,437,897). Our analysis proceeds in two steps. First, we present country-level panel evidence. Second, we estimate microeconometric regressions to reveal the individual-level drivers of well-being and income. We find that the mean of well-being and income by development group varies little over time, while inequality in these two variables change significantly. We find no evidence of the Easterlin paradox after controlling for income inequality and show that income growth reduces well-being inequality. Further, drivers of mean and inequality in well-being and income are similar, but policymakers should consider the full distributional impact of investments.
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