It's a complicated topic because it's not the same for everyone. I see 2 main points:
1. When you have enough money to not worry about your health, food, and other basic needs, you are definitely happier
2. beyond that, the increase in happiness depends on what parts of human existence you value the most. If travelling and staying in luxury hotels are your thing, then you will benefit a lot. But if what makes you happy is just to spend time in nature and with family, you will only benefit a little.
Re 2: Or, if you have been looking at "traveling and staying in luxury hotels" from afar, dreaming of the day you can do it, and you get the money where you can, and you find out that it's kind of nice, but not nearly as wonderful as you expected it to be, then maybe you're miserable, because your dream let you down and you don't have anything to replace it with.
1. When you have enough money to not worry about your health, food, and other basic needs, you are definitely happier
2. beyond that, the increase in happiness depends on what parts of human existence you value the most. If travelling and staying in luxury hotels are your thing, then you will benefit a lot. But if what makes you happy is just to spend time in nature and with family, you will only benefit a little.