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Most studies on the links between inequalitiy and subjective well-being (SWB) are based on income inequality. The link between wealth inequality and SWB is much less known. Based on four waves of the “Survey of Health, Ageing and Retirement in Europe” (SHARE), this study explores the presence of a causal link between wealth inequality and SWB among people over fifty years old in seventeen European countries. The results produced by way of a comparison of these inequalities across countries and over time are explained by individual characteristics at the micro level and by contextual factors at the macro level (health status, insecurity, social capital). Health is particularly important in explaining the links between inequalities of mobile wealth and SWB, suggesting that inequalities of wealth are at least partly explained by inequalities in access to care. Differences between cross-sectional and longitudinal analyses about subjective feelings of insecurity and social capital seem to indicate a phenomena of adaptation.