The March 23rd issue of The Economist provides an interesting graphic on GDP per person—a measure of wealth—versus self-reported happiness. Overall it shows an upward trend that increases life satisfaction by 0.7 points (on a 10-point scale) as GDP doubles.
China is a prime example of money buying more happiness. Sadly, us citizens of the USA (and many European countries) are subject to the Easterlin paradox, which puts a limit on how satisfied people get as their income rises, beyond which money cannot buy more happiness.
Check out this interactive online version of the happiness vs wealth posted by The Economist. There, if American, you will see with some satisfaction (misery liking company) that Netherlands and several other wealthy countries share our downward trend. However, Germany and Britain remain on the upswing. (I wonder with Britain now in the throes of Brexit if their GDP will shrink and, if so, suspect that their happiness will also fall off.)
So, bottom line, for those of us stuck in the paradox, would you rather be richer or happier? That is a tough question!