Sydney - As study after study has shown, more money, either for countries or for individuals, doesn't make for more happiness.
What does affect our sense of wellbeing, according to researchers in Australia, is disparity in income.
"Income doesn't seem to be affecting people's happiness, but comparative income does," said Satya Paul, an economist at the University of Western Sydney. "We compare ourselves to our peer group - sex, education, age - and if someone does better then our happiness declines."
Professor Paul tracked the income of over 8,500 Australians in the four years to 2005 and found no correlation between the rise in incomes and a rise in happiness.