Canada Ranks 14th in Global Price of Happiness

According to a study by digital financial services provider Remitly, Canada is the 14th most expensive nation in the world to purchase joy. Researchers determined that Canadians need an income of $155,850 to be happy, based on the relationship between happiness and income.

The study was produced using figures from Purdue University's 2018 scientific paper, which were adjusted for local purchasing power and inflation. The team also used Gallup's Life Evaluation Index, a poll that measures happiness around the world.

Remitly found that Iceland is the most expensive country to buy happiness, with a price tag of $163,579. Canada ranked 14th at $113,755 in US dollars, or $155,850 Canadian. Individual cities in Canada had their own prices for happiness, with Victoria, Vancouver, and Toronto leading the way.

The study also looked at other countries' average salaries and how they compare to the price of happiness. Slovenia stood out as the only country where the average annual income can cover the price of happiness, placing 42nd on the list overall.