A Study of the Impact of Household Wealth Accumulation on the Well-being of the Population

Happiness is the ultimate goal of a good life for residents, and high-quality wealth accumulation is an important force for improving people's well-being. Based on the 2015, 2017 and 2019 China Household Finance Survey (CHFS) survey data, this paper examines the effect of household wealth on residents' happiness using a fixed-effects probit model. It is found that, first, an increase in household wealth significantly increases residents' happiness. The greater the accumulation of household wealth, the happier the residents, and the conclusion still holds after a series of robustness tests. Second, household wealth accumulation has a more pronounced effect on the happiness of residents in the eastern region and a stronger effect on the happiness of urban residents. Third, family wealth accumulation has a stronger effect on the happiness of residents with middle and high levels of education than those with low levels of education. The conclusions of the study are of great significance for regulating the mechanism of family wealth accumulation, strengthening residents' sense of well-being and promoting the high-quality development of society.