Exploring associations between income and wellbeing: new global insights from the Gallup World Poll

Wellbeing is an increasingly prominent topic across academia, including analyses of the myriad factors that influence it. Of these, perhaps the most prominent is economics, with a relatively-well substantiated link, especially at lower levels of income. However, most work has been limited to select measures (usually life evaluation) and/or populations (usually Western nations). This paper offers an expansive approach, exploring associations between income and a selection of 31 items pertaining to wellbeing in the Gallup World Poll over 3 years (2020-2022), covering 386,654 people in 142 countries. Significantly, on every single variable, participants with higher incomes fare better than those with lower incomes. However, there are also many interesting nuances when filtering the results through various demographic considerations, including comparing participants in terms of global regions, sex, age, and level of education. Together, these nuances paint a complex picture of the impact of economics on wellbeing.