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This paper asks how income distribution affects individual well-being and explores the idea that this relation depends on the degree of mobility and uncertainty in the economy. It mostly concentrates on the relation between satisfaction and reference income (defined as the income of one’s professional peers), and hinges on the micro-econometric analysis of household survey data (mostly panel), including subjective attitudinal questions. Using over one million observations, it uncovers a divide, in the perception of income inequality, between “old” – low mobility – European countries on the one hand, and “new” European post-Transition countries and the United States, on the other hand. Classification JEL : C23, D31, D63, D83, O57.