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Yes, all the research says there is a direct correlation between income and happiness up until about $70k from memory, so around £58k (so around top 10% of earners in UK). After that increase's in happiness aren't correlated with increases in income, things like hobbies, family and social interactions, free time start to come in to play.
Isn’t it like bikes? Up to a certain cutoff you do get a noticeable increase in performance (happiness) for your money, exceeding that it’s just fairly unnecessary refinements that get increasingly meaningless.