I think the article's thesis rests on two flawed assumptions: 1.) If rich people spend as much as poor people, then their happiness must be equal because the

I think the article's thesis rests on two flawed assumptions: 1.) If rich people spend as much as poor people, then their happiness must be equal because the excess income from the rich go into silly things like investments and retirement savings. Spending $30K a year and knowing your nest egg grew by $100K, and spending $30K a year without health insurance living paycheck to paycheck in fear of layoffs isn't exactly equal happiness. 2.) A family of 2 must spend 2X to be just as happy as a family of 1 spending X. At the very least, the Costco / BJs / Sam's Wholesale factor debunks that assumption. I'd model happiness in discrete buckets: "can retire", "can last a while without a job", "must keep working to maintain lifestyle", and "must keep working or risk pain and death" At the high end there might also be "looking for ways to blow the money before getting too old"