They've done studies about the expression "money doesn't buy happiness," but in fact it does up to essentially the comfort level.
That varies of course depending where you are in the world and the cost of living, to get a decent sized home in Hong Kong would give you a mansion in most parts of the world, for example, lol. But basically increasing wealth to the point where people had their needs met, a nice home, clothes, school, transportation, health care, hobbies, utilities ... did increase happiness, because those are basic/comfort needs. After that, increasing wealth had diminishing returns.