In 2012, Colombia was names as the happiest country in the world. But did you know what makes Colombians happy?

While an old cliché says, "Money can't buy happiness," Colombians seemed to have proven it false. As a matter of fact, a new study revealed that material things are making them happy. In Medellin, almost 60 percent said their purchases made them happy, while only 26 percent in Bogota.

According to Raddar Consumer Knowledge Group and Banco de Bogota, they have discovered that clothes and gadgets are not just the products that make Colombians happy, Latin Correspondent reported.

"Thinking about what makes you happy varies between individuals," Raddar president Camilo Herrera Mora explained. "Some purchases create happiness because you obtain something that you want, it's something you fancy or dream about; others define a happy purchase with the idea of buying made easy, it's problem free, no queues, no waiting around, without thinking in returning the item or having enough cash."

Based on the list of top five products and objects noted by El Tiempo, ice cream, chocolates, shirts, creams or lotions and beers were making consumers happy upon purchase. Raddar also showed that Colombians spend their money on sweets, sodas, yogurts and fish.

In addition, the survey also revealed that 40 percent of Colombians found happiness after purchasing clothes and shoes while 28 percent bought food. And 26 percent opted culture and leisure activities to make them happy.

Aside from material things, Colombians actually have more reasons to be happy. And Huffington Post even listed 21 reasons. So, here are 5 reasons why Colombia is a happy place.

1. It is a warm tropical paradise.

Colombia is also called as "The Door of the Americas" because of its location that gives its inhabitants and tourists unique access to both the Atlantic (Caribbean Sea) and the Pacific Ocean. That's why, you can definitely found happiness and peace on its renowned tropical beaches.

2. It is the land of beautiful women.

It's already a given fact that one of Colombia's greatest assets are its beautiful women. Whether in international beauty pageants or in Hollywood, Colombian women like Sofia Vergara and Shakira are always a stand out.

3. It is the home of the green gem called Emerald.

Colombia holds more than 60 percent of the world's emeralds, which originated from the gem deposits in Muzo. Because of its distinct brilliance and deep green color, Colombia's emeralds are some of the most sought after in the world.

4. It has the best coffee in the world.

Colombia is recognized worldwide for its high-quality and delicious freshly ground coffee. And the world's best coffee can be tasted at The Eje Cafetero (Colombian Coffee-Growers Axis) aka the Triángulo del Café, located within the Caldas, Risaralda, and Quindío departments.

5. It is the Fashion Capital of Latin America.

Once known as the home of notorious drug lord Pablo Escobar, its flourishing textile industry has helped shed its past reputation. Today, Colombia is recognized for its growing fashion industry.