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.