Ethnic groups experience different societal and economic circumstances that contribute to their well-being. Life satisfaction and happiness are commonly used as a measure of well-being; but they are not often used to evaluate well-being in lower income countries. This study focuses on the self-reported life satisfaction and happiness of members of ethnic groups from low- and middle-income countries and its correlation with ethnic privilege, gender opportunity, and income. Using two self-reported measures of well-being—life satisfaction and happiness—among 110,391 women in 27 countries (ages 15-49) surveyed in Multiple Indicator Cluster Surveys, this study examines how country-level indicators of gender opportunity, ethnic-level indicators of privilege and household-level measures of wealth are associated with well-being. Our findings indicate a significant relationship between ethnic privilege, gender opportunity and income on life satisfaction. The results from this study provide valuable data and implications for lower income countries to identify and reduce modifiable risk factors that affect a population’s well-being.