There's certainly a point of diminishing returns, and I'd even agree that it is a cliff. Once you have a decent place to live, and your day-to-day worries about paying the bills are covered, and unexpected emergencies do not threaten your ability to get to work, keep your job, and pay your rent, then for most people more money has a diminishing impact on happiness. But that amount of money is quite a bit more than the poverty line.
I'm willing to test this theory out, send me some money.
When people with 1X see people with 10X or 100X and go hey! Why aren't you doing more? That gives me hope. When these people succeed, they are exactly the type of people who will give back and derive happiness from it. The right person who acquires wealth can do a lot of good in the world.
What a hyper-capitalist statement. You are living a sad life if money and status is all that is driving you.
This person is free to do what they like. Family, friends, hobbies, philanthropy, … But apparently they have been stuck in a hamster wheel, chasing money and status their whole life, without ever stopping to think what they actually want or like, what is important to them.
Use the free time to learn some Zig! And start a life of happily giving back powerful and useful GPL software to put your own 2 cents on the mountain of society building blocks that allowed you to thrive in such a way to begin with.
A lot of the really valuable open source software gets written by people who aren't wealthy and have full time jobs doing something other than writing open source software.
If you can't buy happiness either one of these is true:
1. You don't have enough money to buy it. Buying happiness isn't cheap.
2. You have skill issues.
Most people simply don't have enough money to test the hypothesis that "money can't buy happiness", for them earning money involves a lot of struggle and selling their time, and all sorts of opportunity costs.
Thus for working class people having more money is intrinsically linked to selling more of their time or "working harder" (having two jobs, overtime).
Therefore it seems unintuitive to them that having more money will bring hapiness. After all they have to work so hard for it and sell a piece of themselves for it.
And then there, of course, people with skill issues.
The more money I have, the happier I become. Money has brought nothing, but pure joy in my life, it has made me smile more!