Economic development over the past years has been the core objective of most governments. Part of their overt reasoning has been that people have more choice and the ability to pursue that choice through increased national and individual incomes. However, with recent studies it seems that the relationship between increasing economic growth and individual satisfaction and social well-being that may have existed in'developed countries' has broken down. The aim of this paper is to analyze whether there is a relationship between GDP per capita, happiness and education in the region of EU and the Western Balkans, during the period of 2009-2018. Other variables taken into consideration are Health Care Index, HDI, Quality of life, Safety and Security, Personal Freedom and Economic Quality. Therefore, we will use a regression analysis in order to observe the correlation between these variables, with Happiness being the dependent variable. What we expect to conclude is on accordance with the literature review. In Western Balkans countries the link between education and satisfaction is more significant and positive while in EU countries it points at a lower satisfaction for more qualified individuals.