By Thierry Malleret, economist
Gallup’s new “life evaluation” survey across 142 countries had good news: more people globally report they’re living better lives (33% are “thriving”)––and more are hopeful about the future than they have been in years. Big subjective wellbeing gains were seen in Latin America, Eastern and Southern Europe, and East and Southeast Asia.
But wealthy “Western” countries and regions, including the US, Western Europe, Canada, Australia and New Zealand, were a striking exception, reporting sharp declines in wellbeing. For example, in 2007 in the US, 67% of people reported they were thriving, but that fell to 49% in 2024. Switzerland saw a 22% drop in “thriving” people. Why are the rich “Western” countries now experiencing the greatest declines in wellbeing? Why is the dissociation between economic wealth and societal wellbeing one of today’s major conundrums? Like the fertility freefall, no single theory can explain it. Economists, sociologists, psychologists and moralists all argue different things.
READ MORE