Given the preponderance of depression, anxiety, frustration, hopelessness, loneliness, suicide, poor self-care, etc that seems to take hold in "high standard of living" communities, you may be conflating measures of a strong economy with measures of a healthy and durable society.

The 20th century west made an all-in bet that those things might be correlated, and coaxed (and sometimes coerced) others into joining, but it's not clear that the bet is paying off or that it will.