Wealth improves lives. Why is this even doubted?
That said, my observation is that how happy a person is isn't tightly bound to wealth.
However, even to your point, there's a lot of research that shows how wealth and happiness are correlated, with happiness rising with income, roughly log-linearly. Interestingly, the research also shows that there's an unhappy minority, roughly the bottom 20% of the wellbeing distribution for whom happiness increases with income up to about $100k and then flatlines because their unhappiness stems from problems money doesn't fix (grief, health crisis, loneliness).