How much money do you need to be happy?


Posted at Nov 14 2012 01:33 PM | Updated as of Nov 15 2012 12:39 AM

MANILA, Philippines - How much money does one need to be happy? 

According to a survey commissioned by investment firm Royal Skandia, an average of US$161,800 (roughly P6.65 million) a year is needed to bring happiness.

The new Wealth Sentiment Monitor study asked more than 5,000 individuals around the world how much personal annual net income is needed for one to be really happy. Residents of 13 countries were surveyed including Hong Kong, Dubai, Singapore, Mexico, Italy and Peru in the third quarter of 2012. The Philippines was not included.

Respondents in Dubai said they would need a personal net income with US$276,150 or P11.4 million a year, the highest among the countries surveyed. 

Singaporean respondents said they would require US$227,553 (around P9.4 million), while those surveyed in Hong Kong said they would need US$197,000 (around P8 million) a year. 

"Hong Kong people obviously regard a high income as important in their lives, despite claiming to be financially secure, with women’s expectations considerably higher than those of their male counterparts. It may be that the relative absence of a social safety net combined with the very high cost of property and rising inflation are responsible for places like Hong Kong putting a higher value on income in relation to happiness than in developed countries," Michael Leeson, head of sales in Hong Kong and NE Asia for Royal Skandia, said in a statement. 

Royal Skandia also noted respondents in developed countries were less likely to see a correlation between income and happiness, and had lower income requirements than those in emerging markets.

Respondents in Germany had the lowest income requirement with US$85,781 (around P3.5 million).