This article experimentally investigates how economic factors in Scandinavian countries affected the suicide rates between 1991 and 2010. Notwithstanding factors affecting suicide in Scandinavian countries have been studied, there are no studies on the relationship between suicide, income and unemployment. Although Scandinavian countries have among the highest welfare levels in the world, suicide rates are quite high. Empirical results indicate that suicide is related to a number of economic factors like GDP per capita and unemployment. This study finds a negative relationship between GDP and suicide and a linear relationship between unemployment and suicide. Unemployment’s encouragement of negativity increases suicidal tendencies, at the same time as declining income has similar psychological effects.