It seems that greater income is correlated with greater well-being. Everyone quotes the famous Kahneman study showing that "there is no further progress beyond an annual income of ~$75,000" in emotional well-being and ignores the previous sentence saying "When plotted against log income, life evaluation rises steadily." Another study shows increase in both measures without limit. People sure seem interested in getting more income, whether or not it solves all of life's problems.

All other considerations aside, methodologies of those studies were substantially different. One was an app that asked the same person 50 times on average, the other was an interview conducted by a human that called random people. Honesty of interviewee under those different circumstances aside:

EDIT/Addendum:

Even if bliss peaks at $75,000, that's slightly above the U.S. median income and well above the European average. I don't hear anyone arguing that socialism creates wealth, it is all about distribution. Wealth has to be created before it can be distributed, and we have an engine that works for that purpose.

I wonder to what level the numbers in those studies are cultural. I'm not average by various measures, but I'm actually pretty content with my money and it's just a tad over $9k/year, below average even in Poland. Maybe it's because I still vividly remember living on less than half that, but most my needs are met and it's enough. Maybe the gauge isn't invariant here.