Maybe comparing each decile by country would be a meaningful comparison, if even possible.
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How can you overestimate your own happiness? Either you happy or you aren’t.
In my experience, comparing yourself to others, regardless of circumstances, only leads to unhappiness.
Wishful thinking for one:
* https://en.wikipedia.org/wiki/Wishful_thinking
E.g., how many people are "happy" in abusive relationships?
An anectode from an Amartya Sen book: Uneducated women in rural India, when asked anout their health status, effectively said everything is fine. After getting access to better healthcare and health education, self reported health scores went down. Classic case of unknown unknowns: The women didn't know that live actually could be better than what they experienced so far.
The same is true for this discussion: I'd wager that thanks to Hollywood and world news coverage, the average citizen of a small EU country like Norway has (or at least thinks they have) deeper knowledge of live in the US than the average US person about live in Norway. So the Norwegian, when asked about their own happiness, can position themselves in context of this knowledge.
That suggests that some of the extra wealth effect in the US is balanced by social safety nets in Europe, when it comes to life satisfaction.
https://ourworldindata.org/grapher/happiness-cantril-ladder?...
All of these countries are pretty wealthy in the scheme of things: https://ourworldindata.org/grapher/gdp-vs-happiness