More than 600 world leaders, economists and academics at the United Nations are reassessing the link between happiness and economic prosperity.

While a nation’s progress is typically measured in financial terms – economists have begun to acknowledge that this does necessarily indicate the well-being of a country's citizens.

But, small nations like the Himalayan nation of Bhutan which bases its development on its "gross national happiness" and which is rated among the world’s happiest places may have the right formula.

Al Jazeera's Kristen Saloomey reports from New York.