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A rich tradition of research has addressed inequality and health, but the issue has achieved a fresh currency with the reversals of economic fortunes wrought by the Great Recession. This paper analyses the degree to which changing inequality induced by the Great Recession impacted Europeans' subjective health (self-rated health and satisfaction with health). To address this question, we analyse the multi-level European Quality of Life survey conducted in 2003, 2007, and 2012 which provides representative samples from 25 European countries at all three time points, as well as national-level data on inequality (Gini coefficient) and appropriate national-level and individual-level controls. We find that, net of GDP (which slightly increases average health), inequality has no statistically significant impact before, during or after the Great Recession. Turning to determinants, our variance-components multi-level models controlling for known individual-level predictors show that the impact of GDP per capita has declined slightly over the years, while inequality remains insignificant at all time points, and individual family income is also significantly related to subjective health. Including GDP per capita, Gini coefficient and individual level controls, our model explains about one quarter of the variance in health status (R-squared >.23). All in all, our results support a rational choice, materialist hypothesis: that absolute wealth matters to subjective health, but inequality does not.