I don't know if "happier" is quite the right word, but I do agree with a summary I once read:
1. There are problems associated with having money.
2. There are problems associated with having no money.
3. I'd rather have to deal with #1 than #2.
That said, why does having money have to mean spending it? Yes, we're used to seeing the tabloids write about the wild spending habits of celebrities, but many of the ultra-rich out there live fairly frugally. They just don't have to read from the right side of the menu if they don't feel like it.