The never-ending debate concerning wealth and happiness has taken its place throughout history. Although the words’ wealth’ and ‘happiness’ share the same etymologies, both obtain the meaning of ‘well-being’ in Middle English; nowadays, they are perceived as different and often polarized terms (Brule & Suter, 2019). Since the modern era can be characterized as a period of serious changes in social outlooks, the perception of wealth in society has changed as well (Brule & Suter, 2019). In addition, the phenomenon of ‘philanthropy’ (in other words, charity) is becoming increasingly popular (Sellen, 2019). Therefore, happiness can be perceived as a concept that plays a bigger role in an individual’s life.
There are two important aspects that prove that happiness has a more defining role in a modern person’s well-being – the neglecting attitude towards wealth and the increasing popularity of philanthropy. Even though the conclusion that these two concepts are related and one impacts another seems obvious, various studies provide the researchers with the information that the situation seems more complex than it seems. First of all, although “wealth seems desirable at the individual level, its attractiveness seems to be less clear at a more global level” (Brule & Suter, 2019, p. 1). Secondly, philanthropy directly affects a wealthy person’s level of happiness; in other words, the ‘giving’ has been put over ‘receiving’ (Sellen, 2019). Thus, it can be said that in the modern era, an individual’s happiness has a tangible impact on an individual’s well-being.
Modern society has shifted its outlook in favor of social equality and struggle against the unhealthy oppressing environment. Although wealth is still perceived as a desirable aspect, an individual’s virtue and, what is most importantly, well-being and happiness are valued much higher. As a result, the ethics’ shift towards the common good and total equality led to a prevalence of an individual’s mental state (e.g., happiness) over his welfare.