Money contributes to happiness by providing a sense of control over life, and more money leads to a greater feeling of freedom, though it is not the only factor in happiness, according to a new study.
Wealthy individuals, including millionaires and billionaires, are reported to be "substantially and statistically significantly happier" than those with lower incomes, with the happiness gap being wider between wealthy and middle-income individuals compared to middle- and low-income.
The new results dispute previous studies that suggested money only buys happiness up to a certain level—an annual income of $75,000 annually. According to the new analysis, the difference in happiness between wealthy and middle-income participants is nearly three times larger than the difference between middle and low-income participants.
Money may boost happiness up to an income of at least $500,000 a year, according to the recent survey data, with the trend extending further to the ultrawealthy, suggesting money may have a more fundamental role in happiness beyond just buying things.
Having more wealth provides more choices and a greater sense of autonomy, affecting life satisfaction, and lower levels of life satisfaction are reported by the poorest people compared to the more affluent.
Multiple studies have found a positive association between money and happiness, especially for those with higher incomes, though the relationship is complex.
Sources: The Guardian, The Economic Times, Inquirer.net, Money.ro, DC News Now, Men's Journal, Correio da Manhã, Quartz
This article was written in collaboration with Generative AI news company Alchemiq.
