Europeans are working less and are happier. They're sipping espressos and painting people in parks. Americans are working more and are less happy, and as you'd imagine, are trying to do things other countries are doing who are happy, like Bikram yoga, and deejaying.
The field of positive psychology teaches us that having control over your time is one of the biggest keys to being happy. People adjust to material stuff quickly. But losing control of your time makes almost everyone miserable.