This study examined characteristics of students who reported the highest level of happiness in “the happiest country in the world” (Helliwell et al., 2018, 2019, 2020, 2021), Finland. The study included 556 Finnish university students’ (of which 75% female) self-reported happiness level, relative to their self-esteem, social and academic competence, as well as demographic factors. According to the results, school success was not a condition for great happiness, whereas the students’ living situation proved to be an important factor. As predicted, a strong connection between a high level of happiness and high self-esteem was found, as well as a significant relationship between being socially skilled and very happy. The study also included an analysis of the students’ free self-descriptions, grouped into the McCrae and Costa’s (1991) Five-Factor Model of Personality. Theoretical as well as practical implications of the results are discussed.