Money actually can buy happiness for millionaires and billionaires, new research from the Wharton School fellow Matthew Killingsworth suggests.
Inside César, a New N.Y.C. Restaurant in Soho Helmed by a Former Michelin 3-Starred Chefon Wednesday. That’s according to Matthew Killingsworth, a senior fellow at the Wharton School who studies the causes of human happiness. Killingsworth worked on aand well-being continues far up the economic ladder, and that the magnitude of the differences can be substantial,” Killingsworth writes in his abstract.
The self-published research shows that those with a million- or billion-dollar net worth say they have an average life-satisfaction rating of 5.5 to 6 out of 7, Bloomberg noted. Those who make about $100,000 a year report a rating of 4.6, while those who earn $15,000 to $30,000 place their rating just above 4. That means that the happiness differential between high earners and mid-level earners is almost three times that of the discrepancy between mid-level and low earners.
“The magnitude of the difference between the low and high end of incomes is gigantic,” Killingsworth told Bloomberg. “Within the bounds of what money can explain, a huge amount of that difference occurs above the median income.” For the update, Killingsworth used data from his prior research, along with numbers from a 2018 study of millionaires and a 1985 survey of’s list of the richest Americans. Those prior studies, Bloomberg wrote, asked similar questions and saw people rate their satisfaction with life.alongside income. A 2010 paper put that plateau at an income of about $60,000 to $90,000 a year, with anything more not resulting in higher levels of happiness.
Now there’s the possibility that no plateau exists at all. If millionaires and billionaires are generally happier than their less-wealthy counterparts, perhaps those extra zeroes in their bank accounts are contributing to the contentment. The jury’s still out on whether money can buy you love, though.Tori Latham is a digital staff writer at Robb Report. She was previously a copy editor at The Atlantic, and has written for publications including The Cut and The Hollywood Reporter.
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