SINGAPORE - Singapore is ranked the 24th happiest nation from 2012-2014 in the world, according to the World Happiness Report 2015.
The happiest people are found to live in Switzerland according to the study. Iceland and Denmark followed behind in second and third placing respectively.
Released by the United Nations' Sustainable Development Solutions Network on Thursday, the study ranked 158 countries based on Gallup surveys from 2012 to 2015. A Gallup survey is a public opinion poll conducted in different countries.
According to Time, the report also examined key factors contributing to happiness levels such as life expectancy, social connections, personal freedom and the economy.
Director of the Earth Institute at Columbia University, Jeffrey Sachs, said in a statement: "This report gives evidence on how to achieve societal well-being. It’s not by money alone, but also by fairness, honesty, trust, and good health."
Other Asian nations such as Malaysia ranked 61th place in the study while Indonesia and Thailand came in 74th and 34th placing respectively. Japan was ranked 46th on the index.
However, policy makers warn against over-emphasising income levels, according to Time.
The report said: "Many countries in recent years have achieved economic growth at the cost of the sharply rising inequalities of income and grave damage to the natural environment."