Non-PRO Japanese to English Art/Literary Cinema, Film, TV, Drama

Dear Japanese forum,

could you please check if my take on this line is correct? Is 幸せ referred to 世界, meaning that the world itself is happy, or to the people who inhabits that world?

王の言うように世界は苦しみに満ちた生（せい）より、生きる苦しみから解放され死の静寂に包まれることのほうが幸せなんであろう

Attempt 1: As the king says, I guess the world would be happier is released from the sufference of living and enveloped in the silence of the death rather then with a life full of sufference.

Attempt 2: As the king says, I guess (people in) the world would be happier is released from the sufference of living and enveloped in the silence of the death rather then with a life full of sufference.

Thank you for your help!