Globalization's winners and losers-Evidence from life satisfaction data, 1975-2001

Using data for the EU-15 countries from 1975 to 2001, we find that globalization has especially increased the subjective well-being of high-skilled workers, right-wing voters, high-income earners, and of respondents that trust the WTO, the World Bank, and the IMF.

► We analyze the effect of globalization on well-being for various population subgroups. ► Globalization significantly increases life satisfaction across all subgroups. ► Education, ideology, age, and relative income define the main beneficiaries of globalization. ► Trust in the WTO, the World Bank, and the IMF reinforces globalization's positive effect on well-being. ► Globalization has increased well-being more strongly for old people than for young people.