Subjectively felt and objectively measured: Wellbeing in the context of globalization

The article contributes to the discussion on the relationship between wellbeing (WB) and subjective wellbeing (SWB). Our aim is to develop a method for measuring SWB by creating a moving matrix scale that will be a reference point in different communities' research on SWB. To do so, we analyzed the relationship between objective WB-SWB indicators in 146 countries and other political entities where studies on self-reported life satisfaction (SRLS) were conducted between 2005 and 2017. SRLS values were compared with the values of several of the most frequently accepted objective WB indicators. Additionally, we analyzed variables showing the level of advancement within the process of globalization. The results confirmed that a comparative scale is crucial in determining SWB. Therefore, in many societies, there is a growing awareness of the gap between one's own quality of life and that of others. There is a strong link between HDI and SRLS on a global scale, as well as in the subgroups of high and medium developed countries; this link is missing in poorly developed countries. The disconnection between objective and subjectively perceived change in the situation-that is, the improvement in living standards-does not translate into increased life satisfaction.