I enjoyed the way you compared the both aspects. However they both are co-related. Wherever people spend more, the quality of life is high!

However, it's not correct for India. I see that the quality of life in India is far better that the average cost of living. The cost of living doesn't affect the quality of life in my country. The reason is our Culture, religion, Ethics, spritual beliefs, belief in traditions and overall good condition of land and agriculture. We are a country of villages,, that's now working in favour of maintaining our quality of life.