Do People Want Riches to Buy Stuff or Status? | Scott H Young

Even though material conditions have improved during the last few decades, happiness has decreased.

This can be because of two factors:

• People want money to buy more stuff. But if we've already exceeded the amount of money we need to buy happiness, why do we desire more?
• A more plausible theory is that people want money because it buys them status. However, as society's wealth increases, the money to uphold a status increases, causing status to stay out of reach.

Most wealth is acquired because people want status. You want to spend money to show everyone else that you have the power to buy.

But seeking status is a low-status behaviour. It becomes distasteful if someone is seen trying to gain fame or new stuff to impress their friends. This results in many people telling themselves that they want material possessions for intrinsic reasons.