What the 70k figure tells us, is that such an income (adjusting for local conditions) is roughly the inflection point of diminishing returns for basic needs in

What the 70k figure tells us, is that such an income (adjusting for local conditions) is roughly the inflection point of diminishing returns for basic needs in Maslow's hierarchy. It isn't so much that people are overall satisfied at 70k, but that people with more are _no less_ satisfied. It is a plateau. Many will still want more and may be unhappy. At that point happiness must be sought by other means (love, community, esteem, self-actualization), which might indeed involve the application of money, but it requires doing something worthwhile (from the perspective of that individual). Something money enables, such as a bigger house isn't enough (by itself). It isn't that money above 70k doesn't improve wellbeing, but that isn't sufficient by itself to do so.