Whoever said “money can’t buy happiness” must have never lived in Luxembourg.
In June, Casinova released the findings of its study identifying the countries where money really can buy happiness. To find the answer, the team analyzed the GDP of more than 45 countries with the highest gross domestic product (GDP) in the world, comparing GDP per capita to the nation’s happiness ranking in the 2025 World Happiness Report, along with its quality of life score and economic freedom. Each nation was given a normalized score for the final results.
After looking at all the data, it named Luxembourg the No. 1 place where money really does buy happiness.
“The top country where money can buy happiness is Luxembourg, with an index of 98, reflecting strong financial stability and high satisfaction of the population,” the study’s findings explained. “Luxembourg has the highest GDP per capita on the list, with $147,000, as well as the highest quality of life. Overall, the country ranks 9th in happiness in the world, but financial stability contributes significantly to it.”
Next up is Switzerland at No. 2, which scored 81.8 out of 100. “The country’s GDP amounts to $100,000 per person, $47,000 lower than in Luxembourg, but the economic freedom in Switzerland is better, with an index of 83.7,” the study noted. “The country also ranks in the top 20 of the happiest nations, earning 13th place.”
Coming in at No. 3 is Denmark, with an index score of 78.4. The total GDP of Denmark, the team explained, “is the second-smallest in the top 10, with $493 billion, but the country ranks high for quality of life and happiness, beating Switzerland.”
Norway followed in an extremely close fourth place, with a score of 77.9, thanks to its GDP of $87,600 per capita, which is higher than in Denmark, “but the quality of life and financial freedom index are a bit lower,” the findings added. “Norway still ranks as the 7th happiest country in the world, enjoying financial stability provided by the economy.”
And rounding out the top five is The Netherlands, thanks to its GDP of more than a trillion dollars, ensuring a “high quality of life for all its happy citizens.
However, the U.S. wasn’t so far behind its European counterparts, snagging eighth place on the list. “With the highest GDP of 26.8 trillion dollars, the U.S. has one of the strongest economies in the world,” the company shared. “At the same time, the country ranks 24th on the list of the happiest countries,” which caused it to drop out of the top spots.
