In this study, we intended to analyze the socioeconomic, political and environment factors affecting the sustainable wellbeing of nations (measured by the Happy Planet Index), for a sample of 108 countries for the year 2009.The empirical evidence showed that Human Development Index (HDI), Carbon emission, political freedom and colonial background of nations are significant predictors of the sustainable wellbeing of nations. HDI has a direct effect on HPI of nations, while the level of carbon emission is negatively related with HPI. The HPI levels among different political regimes are different, while the countries without colonial background are better off in terms of achieving sustainable wellbeing than countries with colonial background. .