From the article:
New research suggests that overall happiness in life is more related to how much you are respected and admired by those around you, not to the status that comes from how much money you have stashed in your bank account.
So if higher socioeconomic status doesn’t equate with a greater sense of well-being, then what does? Anderson and his colleagues hypothesized that higher sociometric status – respect and admiration in your face-to-face groups, such as your friendship network, your neighborhood, or your athletic team – might make a difference in your overall happiness. “Having high standing in your local ladder leads to receiving more respect, having more influence, and being more integrated into the group’s social fabric,” Anderson said.