This book analyzes the relationship between income and subjective well-being, in particular in the increasingly relevant context of developing countries. A number of chapters in the book set out new evidence to explain why, despite the remarkable rate of economic growth that has been experienced in the country, the average level of happiness in China appears not to have risen. The various arguments raised in these chapters appeal to a number of matters such as increased insecurity, unemployment, adaptation to new higher living standards, and peer comparison. The collection also contains more mitigated points of view with regard to welfare in developing countries, taking as their basis the role of income growth in reducing the risk of low well-being, as well as more generally the inherent difficulties involved when studies attempt to use self-reported well-being measures as a metric of development.