Why Wealth Matters: Can You Be Happier With More Money?

From philosophers to psychologists, to actors and influencers, everyone has had something to say about money and happiness. But here’s the big question… can money really buy happiness?"

Well, what do you think? Let’s imagine: If you’re making 50 lakh rupees a year, would that make you happier than someone just scraping by? According to recent studies, the answer could be… yes.

Matthew A. Killingsworth, a prominent happiness researcher, has spent years studying the link between money and happiness.

His research shows something fascinating: the wealthier you are, the happier you’re likely to feel.

And here’s the kicker — there might be no limit to how high happiness can go with wealth.

His 2024 report finds that the wealthiest, like those worth between $3 million to nearly $8 million, are even happier than people with ‘only’ six-figure incomes.

This 'money-happiness curve,' as he calls it, keeps going up with income, and it doesn’t flatten out at higher levels — even for those making $500,000 a year.

Survey data backs this up: people earning around $30,000 give their lives an average happiness rating of about 4 out of 7. But those making $500,000 or more rate their happiness over 5, and multimillionaires? Closer to 6!"

But Killingsworth himself has said it’s not just about having money to buy more stuff.

Must Watch: India, US Ties to Reach Greater Heights Under Trump, Modi Leadership: Jyotiraditya Scindia

He believes there’s something deeper about financial security and freedom that contributes to happiness. Still, he warns, money isn’t everything.

According to the Pew Research Center, Americans report that connections with friends and family often bring them more meaning than material wealth.

Killingsworth agrees, saying it’s entirely possible to be rich and miserable or poor and happy.

He cautions that focusing solely on money can be risky, as relationships and purpose may ultimately bring more lasting happiness.

In fact, back in 2010, Nobel laureates Daniel Kahneman and Angus Deaton found that happiness only increased with income up to $75,000.

After that, they suggested, additional income didn’t bring more happiness.

But Killingsworth’s new research tells a different story. His data from 2021 showed that higher income didn’t just raise happiness — it reduced negative feelings too.

So, what’s the takeaway? While having more money can lead to more happiness, it’s important to remember that wealth isn’t everything.

A balanced life, strong relationships, and meaningful experiences may ultimately matter even more.

Thanks for tuning in, and tell us in the comments below: Do you think money can buy happiness?

Also Watch: Trump, Musk, and the D.O.G.E.: A New Era of Government Efficiency?