This paper explores the relationship between global wealth and happiness. We employ a bivariate generalized autoregressive conditional heteroskedasticity framework for global wealth and happiness represented, respectively, by FTSE All-World and Twitter’s Daily Happiness Sentiment indexes from October 14, 2013 to December 31, 2019. We find that daily changes in happiness significantly mitigate wealth volatility, and daily wealth returns positively affect the changes in happiness sentiment. These findings reveal a spiral transmission in daily changes in happiness sentiment and global wealth volatility and returns. Metaphysically, our findings imply that the relationship between the mind and matter of finance is either materialist or monistically neutral. From alternative perspective, we construct a pseudo portfolio of global wealth and happiness indexes in which the factor of happiness plays a more important role. Thus, a concentration on happiness is preferable for the pursuit of multiple objectives, which essentially include mind and matter.

本文探讨了全球财富与幸福之间的关系。我们采用了针对全球财富和幸福的双变量广义自回归条件异方差性框架，分别由FTSE环球和Twitter的2013年10月14日至2019年12月31日的每日幸福感指数表示。我们发现，幸福的每日变化显着减轻了财富波动性和每日财富回报对幸福感的变化产生积极影响。这些发现揭示了幸福感，全球财富波动和回报的每日变化呈螺旋形传递。从形而上学来看，我们的发现暗示，思想与财务问题之间的关系是唯物主义的或一元的中立的。从其他角度来看，我们构建了一个全球财富和幸福指数的假投资组合，其中幸福因素起着更重要的作用。因此，对幸福的专注对于追求多个目标是更可取的，这些目标本质上包括思想和物质。