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@Andrew
Studies have shown again and again that wealth, and feelings of wealth are almost entirely relative, once you get over a basic, £20k sort of wage. Once the basics are taken care of, you start looking as to whether you are earning more or less than the people you know.
I have felt this in action as well. Moving from Hackney to Islington has made me feel poorer. The people I know now, parents at my children's schools that sort of thing, are more wealthy than the people I knew in Hackney (overall, as a group).