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They even put a price on it for CanadiansStudy determines Canada to be the 14th most expensive nation in the world to purchase joyLast updated 33 minutes ago You can save this article by registering for free here. Or sign-in if you have an account.The price of happiness in countries around the world. Photo by RemitlyCommon wisdom says that money can’t buy happiness. But if it could, researchers say, it would cost $155,850, making Canada the 14th most expensive nation in the world to purchase joy.Enjoy the latest local, national and international news.Exclusive articles by Conrad Black, Barbara Kay and others. Plus, special edition NP Platformed and First Reading newsletters and virtual events.Unlimited online access to National Post.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles including the New York Times Crossword.Support local journalism.Enjoy the latest local, national and international news.Exclusive articles by Conrad Black, Barbara Kay and others. Plus, special edition NP Platformed and First Reading newsletters and virtual events.Unlimited online access to National Post.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles including the New York Times Crossword.Support local journalism.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThe slightly tongue-in-cheek study was produced by digital financial services provider Remitly, but based on an actual scientific paper published in 2018 by Purdue University, “adjusted to account for local purchasing power and inflation.”“To determine each city and country’s price of happiness, Remitly reverse-engineered figures obtained from Purdue University’s study into the relationship between happiness and income,” the report says.Get a dash of perspective along with the trending news of the day in a very readable format.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of NP Posted will soon be in your inbox.We encountered an issue signing you up. Please try againIt also used Gallup’s Life Evaluation Index, a poll that measures happiness around the world.“The satiation point of LE (life evaluation) refers to the income point at which any further increase has no effect on an individual’s happiness,” they wrote. “So, to discover the local price of happiness by country, they converted these figures back to local currencies using country-specific Purchasing Power Ratios sourced from the International Monetary Fund.”Finally, the team converted local currencies into U.S. dollars, for comparison purposes.The winner (or loser, if you want to put it that way) was Iceland, where happiness costs a whopping US$163,579. Next up, Australia, then Switzerland, New Zealand and the United States, which came in at US$134,827.Canada placed 14th at US$113,755, or $155,850 Canadian at the time the numbers were crunched. This put us in the midst of a cluster of European countries, just below Finland and Austria, but above Belgium and Ireland. Last place on the list was Ethiopia, where the price of happiness was calculated at US$10,176. The price of happiness in selected Canadian cities. Photo by Handout /RemitlyIndividual cities in Canada had their own price points for happiness, with (no surprise) Victoria, Vancouver and Toronto in the top three spots, between $167,000 and $170,000. Saskatoon was next at just under $160,000, and Kingston placed 19th and the last of the cities surveyed, at just over $140,000.One oddity among the data was Slovenia, the only country where the average annual income can cover the price of happiness. It placed 42nd on the list of nations overall, with a price of US$36,769. But with an average salary of US$42,754, the typical Slovenian should be able to afford happiness with a little left over in less than a year.Other countries didn’t fare so well, with the average salary in Luxembourg (US$109,900) covering just 92.8 per cent of the price of happiness there. In Canada, the average salary was deemed to be US$50,500, which would cover just 44.4 per cent of the price of happiness.But there were worse-off places to be, the study found. Ecuadoreans, with an average salary of US$6,500, would need to toil for more than three years to afford the relatively inexpensive price of happiness (US$19,700) in that country.Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark nationalpost.com and sign up for our newsletters here. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. 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