Economics and money is just numbers. It's not a measure of happiness in life. I just want to have enough money to not worry in life, I don't care about having much more than others. Doing a job I enjoy in a place I enjoy is worth much more to me. Would Elon Musk, the richest guy in the world be happier than me? I don't think he is, he's always angry about something. I wouldn't want to trade places with him. Having that kind of money is a burden, never being able to just walk around and discover a new town without a security detail, or partying until 6am without journalists capturing everything I do.
A big house doesn't make me (much) happier. A car definitely doesn't, driving really stresses me out (and I have a lot of driving experience having lived in many countries). We have great public transport here and that's enough for me because I live in the city.
And economics isn't really an exact science in my book. It's a social science, psychology based on human constructs. Which are different here in Europe anyway (more socialist). We chose to make the world work like this but it could be different too. More fair.
I moved to a lower wage country to have a better life and I'm a lot happier now. I will never be rich but I don't care. It's not a race to be the top, I want everyone to have a good life.