Take a look at this really interesting (and really quite significant) study that looks at the available data on the relationship between happiness and wealth. As far as I am aware it is by far the most comprehensive of its type in terms of its comparative work that looks at data across a wide range of countries at different stages of development. The relationship it finds between the two is fairly unambiguous - greater wealth is associated with greater happiness. Perhaps it may sound obvious to some, but I am sure I am not the only one who can admit on occasion to have given in to the temptation to romanticise of the poor. The graph below is the best visual guide to the study's findings.
There are some interesting outliers - Indians for example according to this data are happier than the Chinese despite having a lower per capita income, which I'm sure could add fuel to many an ideological fire! The correlation between wealth and happiness however appears fairly clear and convincing, though I'm sure there would be some people with methodological concerns. Most fascinating to me is that it would appear that with each increase in age group the relationship between the two becomes closer and closer to a straight line i.e. less and less diminishing returns to wealth with each increase in age bracket.
"Money, money money, makes the world go round"
ABBA, 1976
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