Happiest people in the world retire with £225,000

Lily Canter
·2-min read
Scandinavia is one of the happiest places to retire according to new research. Credit: Getty.
Scandinavia is one of the happiest places to retire according to new research. Photo: Getty.

The happiest people in the world need an average retirement saving of £225,192 ($293,292) according to new data.

The study by Audley Villages calculated retirement happiness by comparing the World Happiness Report with the cost of living, average salary and life expectancy in 56 countries and 50 US states around the world.

Scandinavia performed best, securing four positions in the top five ranked cities.

With a happiness score of 7.8 Helsinki, Finland's capital, reached the top spot with retirees needing £194,000 saved up by the age of 65 to retire happy.

READ MORE: Lloyds bank to axe more than 1,000 jobs

Following closely with a happiness index of 7.6 were Danish capital Copenhagen and Geneva in Switzerland, where pensioners need £224,000 and £325,000 respectively to enjoy a happy retirement.

The cheapest happy city to retire in the top 10 was Vienna where residents need to have saved £183,00 by 65.

Rank

City

Average Retirement Savings

Annual Salary

Happiness Index

1

Helsinki

£194,483

£27,864

7.8

2

Copenhagen

£224,383

£34,251

7.6

3

Geneva

£325,251

£59,413

7.6

4

Reykjavik

£238,584

£27,515

7.5

5

Oslo

£240,523

£31,499

7.5

6

Amsterdam

£223,153

£31,678

7.4

7

Stockholm

£213,462

£27,198

7.4

8

Vienna

£183,572

£23,491

7.3

9

Luxembourg

£216,610

£40,864

7.2

10

Melbourne

£191,544

£33,133

7.2

In the US Hawaii reached the top spot with residents requiring £233,000 to retire happy.

It was closely followed by the states of Utah, Minnesota and North Dakota where people require retirement savings ranging between £139,885 and £183,340.

When taking into account not only the happiest but the most affordable places to retire around the world, Melbourne came in first with an overall score of 6.6 out of 10 as a happy retirement destination.

READ MORE: John Lewis to axe 1,500 jobs

In order to make the most of retirement in Australia, retirees will need an average of £191,929 in savings.

London ranks in 17th place, with a score of 6.1 out of 10 and residents needing to earn at least £33,251 and save a minimum of £204,817 to make the most of retirement in Britain.

The study revealed that Hong Kong is the worst capital city in the world to spend your retirement. Scoring only a 5.5 on the happiness index retirees would need £260,023 in savings.

WATCH: What is inflation?