This paper by John F. Helliwell aims to explain international and inter-personal differences in subjective well-being over the final fifth of the twentieth century. Using data from three waves of the World Values Survey covering about fifty countries, the study employs a two-level approach to analyze individual and societal-level determinants of well-being. The main innovation is the simultaneous identification of individual and societal factors, particularly focusing on the linkages between social capital and well-being. The paper begins with a review of the importance of subjective measures of well-being, drawing on ancient and modern perspectives. It then surveys previous empirical studies and describes the variables used in the analysis. The results show that individual characteristics, such as health, employment status, family status, education, age, and religious activity, significantly influence well-being. For example, a one-point improvement in health is associated with a 0.61-point increase in subjective well-being. Unemployment has a negative impact, reducing well-being by about 0.61 points. Marriage is associated with higher well-being, and education has a small but significant effect. The paper also examines the role of societal factors, including national income, trust, and governance quality. National income shows diminishing returns, with larger increases in well-being from higher incomes in poorer countries compared to OECD countries. Trust has a positive effect on well-being, reflecting the benefits of living in a high-trust society. Governance quality is strongly linked to well-being, with higher scores indicating better governance leading to higher average well-being. Overall, the study highlights the importance of both individual and societal factors in explaining subjective well-being, providing insights into the complex interplay between personal and collective factors in shaping well-being.This paper by John F. Helliwell aims to explain international and inter-personal differences in subjective well-being over the final fifth of the twentieth century. Using data from three waves of the World Values Survey covering about fifty countries, the study employs a two-level approach to analyze individual and societal-level determinants of well-being. The main innovation is the simultaneous identification of individual and societal factors, particularly focusing on the linkages between social capital and well-being. The paper begins with a review of the importance of subjective measures of well-being, drawing on ancient and modern perspectives. It then surveys previous empirical studies and describes the variables used in the analysis. The results show that individual characteristics, such as health, employment status, family status, education, age, and religious activity, significantly influence well-being. For example, a one-point improvement in health is associated with a 0.61-point increase in subjective well-being. Unemployment has a negative impact, reducing well-being by about 0.61 points. Marriage is associated with higher well-being, and education has a small but significant effect. The paper also examines the role of societal factors, including national income, trust, and governance quality. National income shows diminishing returns, with larger increases in well-being from higher incomes in poorer countries compared to OECD countries. Trust has a positive effect on well-being, reflecting the benefits of living in a high-trust society. Governance quality is strongly linked to well-being, with higher scores indicating better governance leading to higher average well-being. Overall, the study highlights the importance of both individual and societal factors in explaining subjective well-being, providing insights into the complex interplay between personal and collective factors in shaping well-being.