According to Oishi and Schimmack's (2010) review of the literature on subjective well-being, happiness is related to wealth

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Oishi and Schimmack's (2010) review suggests that happiness is related to wealth up to a certain level, beyond which other factors become more significant contributors to happiness. This is often referred to as the satiation point, after which additional wealth has diminishing returns on subjective well-being.

According to Oishi and Schimmack's (2010) Review of the Literature