When it comes to money buying happiness, more is better. That’s according to new research from a senior fellow at the Wharton School who has argued that the correlation between wealth and well-being does not plateau once incomes reach a certain point.
Residential skyscraper buildings beyond motor yachts docked in the Dubai Marina district of Dubai, United Arab Emirates, on Friday, Aug. 25, 2023.
Last year, Killingsworth was part of team of scientists including the late psychologist Daniel Kahneman, who published a study challenging aby Kahneman and economist Angus Deaton that said happiness tends to go up with incomes until about $60,000 to $90,000 a year, at which point it flattens. The new research, which is being self-published by Killingsworth, found people with a net worth in the millions or billions reported an average life satisfaction rating between 5.5 and 6 out of 7, compared to a rating of about 4.6 for those earning around $100,000 a year and just above 4 for those earning about $15,000 to $30,000 a year.
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