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While the concept of happiness is the ultimate goal that individuals aim to achieve in their lives, economists performed happiness measurements based on macroeconomic parameters. In recent years, it has been understood that the social, political and cultural indicators of countries have an impact on the happiness of individuals as well as their economic performance. New generation happiness indexes focusing on factors such as life expectancy, ecological footprint, income distribution, sustainable environment, it has placed countries such as Costa Rica, Mexico and Vanuatu at the top of the list of happiness. The aim of this study is to examine the relationships between happiness and macroeconomic, social and political indicators based on the happiest countries in the world. In this study, the Happy Planet Index (HPI) calculated by the New Economics Foundation was considered as a relatively new indicator of happiness. During the analysis phase, panel data analysis techniques were applied to the data set covering the twenty happiest countries in the world in 2006-2016 period. This study finds that conventional macroeconomic indicators are statistically significant in explaining HPI, though the relationship is negative. Causal relationships between social and political indicators and HPI were also determined. [ABSTRACT FROM AUTHOR]