Abstract
Background: By 2030, the UN expects 1.4 billion older adults and 2.1 billion by 2050. By 2050, 80 percent of older persons will live in developing nations. This demographic shift will present new challenges and opportunities in several areas, including health, migration, employment, and social safety nets. This study's aims were to: (1) present novel evidence on the trends and determinants of well-being and well-being inequality among older people around the world; and (2) highlight variation across World Bank development groups.Methods: The study utilizes individual-level survey data from nine waves of the Gallup World Poll (2009-2017), which is representative of about 99.5% of the global population. First, we report country-level panel evidence on well-being and well-being inequality for adults over 60 years of age. Second, we estimate regressions to identify the individual-level determinants of well-being and well-being inequality.Results: Our results indicate that average levels of happiness vary little over time. This holds for all World Bank development groups. In contrast, we show that inequality in well-being increases for all categories except in high-income countries. Examining the factors that influence well-being and well-being inequality reveals the particular importance of income, social ties, and health. We also reveal gender differences in global well-being; women tend to be happier than men. Lastly, whereas variations in inequity-causing factors are minimal when comparing older to younger individuals, they vary substantially when comparing across development groups.Conclusions: Our findings suggest that rather than focusing on the average level of well-being among older people, governments should consider the full distribution of well-being. This requires a special emphasis on health, social networks, and education, as well as the assessment of distributional impacts in policy proposals.