Every individual in this world seeks to achieve a healthy, wealthy, secured and blissful life as suggested by Maslow’ Need Hierarchy. A regression analysis taking Life Satisfaction Index (as obtained from World Database of Happiness between 1995–2005) as the dependent variable indicated rule of law, voice and accountability, regularity authority as well as economic freedom indicators (as obtained from Heritage Foundation Database, 1995–2006) as very significant predictors. In this article, an attempt has been made to understand this tridimensional concept of happiness and combining them to arrive at a Composite Index of Happiness. Efforts have also been made to evaluate performance of various nations in their persistency to achieve these dimensions of happiness. Most studies have been either in direction of Subjective Well-being or Developmental Well-being. This article has been in an effort to combine both the factors and incorporating age-old values and virtues required for reaching higher realm of lasting peace, tranquility and happiness for one and all. The study shows that mental happiness has significant positive correlation with materialistic and spiritualistic happiness, perhaps for being the intermediary step, but materialistic has no significant correlation with spiritualistic happiness.
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