I'm measuring quality of life in terms of Maslow's hierarchy of needs here. For most of recorded history, the poor often lacked the absolute basics like water, food, clothing and/or shelter, and they continue to do so in many parts of the world. But in the developed world, these problems are largely solved, and issues of social belonging -- Maslow's third layer and above -- come to the fore.

The New Republic has a pithy way of putting this: money doesn't buy happiness, but poverty increases sadness. In other words, you may not be happy just because you have 3 square meals a day and a roof over your head, but you would be a lot less happy if you didn't.

https://newrepublic.com/article/120859/money-doesnt-buy-happ...