South Korea is widely known as an Asian model of economic development and democratization. Yet until now, research has not shown whether the country's successful transition to democracy and market capitalism has enabled ordinary citizens to experience a life of happiness and satisfaction in their private and public lives. To address this question, this study analyzes a 2002 Euromodule survey of the Korean electorate designed to appraise the quality of life as a whole and in its various important domains. Results of the analysis reveal that a substantial minority of South Koreans still leads undesirable lives full of unhappiness and dissatisfaction. Furthermore, among the socio-economically deprived, more people report deteriorations rather than improvements in their living conditions over the past five years. On the basis of these findings, we conclude that the surging forces of democratization and marketization can hinder ordinary people from experiencing a better quality of life by motivating them to compare themselves with other people in better situations to a greater extent than they did under past circumstances.