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In this article, we explore to what extent fairness perceptions mediate the relationship between income comparisons and subjective well-being. Using data of 1100 Turkish respondents collected amid the Turkish economic crisis, we find that people who attach more importance to income comparisons with others report lower subjective well-being levels. Mediation models indicate that fairness perceptions and negative affect fully mediate the relationship between these income comparisons and subjective well-being.