<p>This study examines the political-psychological dynamics surrounding subjective well-being (SWB), using data from the sixth and seventh waves of the World Values Survey. We focus on a factor related to individuals’ perceived sense of control over society: perceived national and societal risk. In addition, we assess how this perception relates to aggregate patterns of SWB distribution—specifically, upward and downward comparative disparities—rather than the overall extent of inequality. Our findings indicate that higher perceived risks are consistently associated with lower SWB. To test the robustness of these associations, we also conducted an instrumental variable (IV) estimation to address potential endogeneity in perceived national and societal risk. While the results suggest a possible directional influence from risk perception to SWB, limitations in the validity of instruments and the stability of estimates warrant cautious interpretation. Nonetheless, the association remains robust even after accounting for macro-level indicators, such as gross domestic product per capita, income inequality, and measures of democratic governance (Freedom House score). Furthermore, the interactive effects of upward and downward comparative disparities with perceived societal risk become more pronounced in high-risk contexts, amplifying the negative association in the case of upward disparities (Iu) and enhancing the positive association in the case of downward disparities (Id). While causality cannot be definitively established, the findings clarify the structural interplay between perceived societal risk, the distributional shape of well-being, and individual-level SWB. This provides a conceptual framework for understanding how societal risk perceptions and well-being disparities jointly shape SWB across different contexts.</p>