>In order to figure out whether selfishness leads to wealth (rather than vice versa), Piff and his colleagues ran a study where they manipulated people’s class feelings. The researchers asked participants to spend a few minutes comparing themselves either to people better off or worse off than themselves financially. Afterwards, participants were shown a jar of candy and told that they could take home as much as they wanted. They were also told that the leftover candy would be given to children in a nearby laboratory. Those participants who had spent time thinking about how much better off they were compared to others ended up taking significantly more candy for themselves--leaving less behind for the children.
Trying to take a single minor difference in behavior in a controlled setting and apply it to an entire demographic is bad psychology. Imagine someone doing this with a demographic distinction other than SES.
Perhaps we're all just flawed, self-centered people trying to keep up with what our environment defines as the good life.
An executive making a luxury purchase is different if their company is successful versus laying off lots of employees.
Buying a yacht can be part of an understandable (although expensive) hobby/lifestyle as opposed to something simply wasteful like buying solid gold toilet seats.
Building beautiful architecture, commissioning art, or adventuring/exploring (e.g. being the first person to climb X or to cross Y) can contribute to the vibrancy of society even if it isn't super practical.
https://en.wikipedia.org/wiki/List_of_European_countries_by_...
When I lived in the US I thought more Europeans lived in gorgeous architecture and had excellent public transport. Living in Europe, I find a lot of people think Americans are wealthier than reality (though if they're thinking of tech salaries, they're probably right - that EU/US disparity is enormous).
Also, your original post needs a qualifier on the scope of "European countries".
At what point does someone need to be ashamed of the money they make? Is anything over the $50k figure that is quoted as the maximum happiness per dollar figure considered shameful?