Subjective well-being factors in modern world: Asian and European countries analysis

In today’s rapidly changing global economic landscape, the pursuit to human well-being emerges as one of the most important goals. Despite the progress made in the field of sustainable development, significant gaps remain in well-being measurement and understanding, including defining well-being factors and interrelationship of different determinants. The subjective wellbeing level in different countries has been compared, and the factors influencing its achievement have been studied. A review of theoretical and methodological approaches to the study and measurement of human well-being has been presented, and the conceptual framework of modern well-being factors has been described. A comprehensive interpretation of a set of subjective human well-being determinants including social aspects, economic, environmental, political, and numerical factors has been presented. Statistical methods of analyzing panel data for 38 European and 23 Asian countries in the period from 2013 to 2022 were used for empirical analysis. As a result, considering the specifics of the European and Asian regions, the key significant interrelationships of the factors and the level of subjective well-being in different groups of countries have been identified.