fool's paradise vs well-being

fool's paradise and well-being both are nouns.

Word	Noun	Adjective	Verb	Adverb
fool's paradise	Yes	No	No	No
well-being	Yes	No	No	No

As nouns, well-being is a hypernym of fool's paradise; that is, well-being is a word with a broader meaning than fool's paradise:

Other hypernyms of fool's paradise include eudaemonia, eudaimonia, upbeat, welfare, wellbeing.

fool's paradise (noun)	well-being (noun)
an illusory state of wellbeing	a contented state of being happy and healthy and prosperous