https://www.sciencedaily.com/releases/2021/04/210413092507.htm

According to sociologist Tim Liao of the University of Illinois Urbana-Champaign, it's the ability to compare ourselves with people of similar backgrounds, both people who earn more and others who earn less, that determine how our income affects our happiness -- not the absolute amount we earn.

"Contrary to popular belief, more income does not necessarily make people happier. The actual amount a person earns doesn't matter much in terms of happiness," Liao said. "People who can make both upward and downward comparisons -- especially with others in the same gender and ethno-racial group -- are in the best position as far as their subjective well-being."