Indeed, people's levels of happiness increased with income.  Those with incomes of $250,000 or more, the ultra-affluents who correspond to the top 2 percent of households, averaged 27.63 points on the satisfaction scale, while those at the lowest income levels, the comfortably affluent consumers with incomes $100,000-$149,999, have a happiness rating of 25.1, also placing them in the high level of happiness.

The new luxury consumer is adopting a 'less is more' lifestyle
"The conspicuous consumption lifestyle as typified by 'he who dies with the most toys wins' thinking is giving way to a new appreciation for a simpler, less materialistic approach,"

"The aging of the Baby Boomers is also a factor in turning toward a less materialistic approach to the luxury lifestyle.  Americans today have an expected life span of roughly 80 years and once you reach 50 or 60 years of age, the question comes down to 'what do you want to do with your remaining 30 or 20 years?'  Increasingly, maturing affluents are not using their accumulated wealth to buy another diamond ring or mink coat.  Rather, they want to do something more meaningful with their money than spend it and do something more rewarding with their time than working 80-hours per week."