Happiness consists in contentment.
I've personally never heard that particular phrase but I've heard others that are similar. "Happiness is where the heart is". Or there's a phrase that encompasses the feeling... "The grass is always greener on the other side" which expresses how some people are always searching for something that appears on the surface to be better but ultimately won't satisfy. In other words they should be content and happy with what they have.
I like this one, we should be content and happy with what we have. It's kind of easier for me to say and remember.
Thank you so much, ericb100.
There is such a phrasal verb precisely.
Quite a rare example, LDOCE suggests that it's formal English, so perharps it isn't the best way to express such ideas about happiness. Especially with the following word "contentment" instead of "fulfillment", for example.
But it's a possible choice, if one is talking about some economic metrics:
Finland has gained the maximum World Happiness Index amongst the other European countries. Because, as the term is defined, happiness consists in contentment, blah blah blah...
"Beauty is in the eye of the beholder"
"Learning is all about persistence"
"Awareness is a matter/is a part of consciousness"