In today’s Finshots, we unpack why India ranks at the very top of one global happiness survey and near the bottom of another. And why happiness, like many things in life, depends on when, how, and whom you ask.

But here’s a quick heads up before we dive in. This story briefly mentions India’s youth suicide rates while discussing happiness surveys. If you’re feeling vulnerable or need support, please consider reaching out to someone you trust or a mental health professional. You can also find suicide prevention helpline contacts here.

The Story

A few weeks ago, Ipsos, a global market research firm, put up a survey called Happiness Index 2025. And sitting right at the top of the 30-country chart, above the Netherlands, above Brazil, above Indonesia, was India.

Yup. India. 88% of Indians surveyed said they were happy. Either “very” or “rather” happy.

Now, that’s one heck of a headline, isn’t it?

Until… you glance at the World Happiness Report — the one that asks people to evaluate their lives on a scale from 0 to 10 over 2022–2024. In that ranking? India ranks 118 out of 147 countries. Behind nations in conflict. Behind countries with double digit inflation. Behind places where democracy is more fragile than stable.

So… how is it possible that we’re both the world’s happiest and one of its most miserable?

Well, no single survey can capture an entire nation’s mood, but the contrast here offers insight into how Indians think and feel about happiness itself.

Let’s start with a few numbers. Ipsos surveyed 23,765 adults, while the World Happiness Report uses Gallup World Poll data from over 1 lakh people across 140 countries, with around 1,000 per country. So there’s a wide difference in the sample size.

Then the two reports don’t even ask the same questions.

Ipsos asks a simple question: “Taking all things together, would you say you are: very happy, rather happy, not very happy, not happy at all?” That’s it. No scale, no scores, no deep reflection.

The Gallup poll, on the other hand, asks you to picture a ladder…

Please imagine a ladder with steps numbered from 0 at the bottom to 10 at the top. The top of the ladder represents the best possible life for you and the bottom of the ladder represents the worst possible life for you. On which step of the ladder would you say you personally feel you stand at this time?

Plus, the poll includes over 100 global and region-specific questions. So it’s less about how you feel in the moment and more about how you evaluate your life as a whole. And that shift in framing changes things.

Then there’s the difference that the Ipsos survey is done online, mostly in urban areas. Of the 2,200 Indians surveyed, just 400 were interviewed online. But even then, the sample skews middle class.

The Gallup survey, on the other hand, is conducted face-to-face or over the phone, covering both rural and urban India, across income levels and regions.

So, when you ask a city-dweller, “Are you happy?”, you might hear a cheerful “Yeah, not bad.” But ask someone in rural India to rate their life on a 10-point scale — someone who might be walking kilometres to get a few things done or hasn’t had steady work in months, and the answer is bound to feel heavier.

In short, these surveys are capturing different Indias. One shows how we feel. The other shows how we live.

And then comes the timing of these surveys.

Take Japan, for instance. This year, it ranked among the least happy countries in the Ipsos survey, with only 60% saying they were very or rather happy. And that’s way less than the 70% figure the nation saw in 2011. So why the sudden drop? Well, for years, Japan grappled with deflation (a period where prices were stagnant or falling). But now, inflation is back and wages haven’t kept pace, so people feel the pinch. And that shows up in their happiness score.

But hold on, Finshots. Isn’t India also facing inflation? So why aren’t we sulking in the surveys? Well, we are; just not in all of them.

In the World Happiness Report, India’s average life satisfaction score is 4 out of 10. And other happiness indexes echo the same contradiction. The OECD’s Better Life Index doesn’t even include India. Why? Because there isn’t enough consistent data to compare. It tracks 11 indicators like housing, jobs, safety, education and life satisfaction, but India doesn’t make the cut.

Then there’s Gallup’s Global Emotions map, which shows an equally mixed picture. Indians report high levels of enjoyment, pride and love — but also high levels of stress, worry and sadness.

So maybe this isn’t a paradox. Maybe we’re just… complicated?

Because while things are far from perfect, some indicators are coming off a different curve. Growth is up, poverty is declining, and consumer confidence is recovering. So ask people how they feel right now, and they might say: “Better than before.”

But that doesn’t mean we’ve solved the underlying problems. Because here’s the thing. Happiness is not just a feeling, it’s a frame. It’s shaped by memory, context and expectations.

And in India, a lot of that happiness may come from our emotional infrastructure.

As Ipsos puts it:

India's happiness might stem from its strong social fabric. Close-knit families, community support, and deep-rooted spiritual beliefs likely play a significant role. These factors provide a sense of belonging, purpose, and resilience, even in the face of adversity.

These bonds help people get by emotionally, if not always financially.

But even these buffers have their limits. Because when Indians are unhappy, they say one thing loud and clear: “My financial situation.” And this is where all surveys — Ipsos and other reports, agree. Money is the top pain point.

So yeah, on paper, India’s GDP per capita has doubled since 2015. But the live reality doesn’t match the headline.

The richest 1% holds over 40% of the country’s wealth. India ranks 96th in global corruption perception, and near the bottom on free speech and safety rankings.

So even if GDP is booming, the average Indian doesn’t always feel richer, safer or more secure.

Perhaps the real question is  ‘What do we even mean by happiness?’

If it’s about money, opportunity and safety, India’s low ranking in other reports makes sense. But if it’s about love, family, resilience and hope, the Ipsos 88% checks out too.

So maybe the paradox isn’t the real story, it’s the gap between our emotional strength and economic reality.

We cheer billion dollar IPOs, while 13 crore Indians earn less than ₹200 a day. We build the tallest statues, but have the highest youth suicide rates. We say we’re happy, and in many ways, we are. But until our wallets, wages and well-being move in sync… we’ll keep topping some charts… and tanking others. At the same time. What do you think?

Until then…

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