Having had my practice for over 19 years and working with clients who range from what society defines as rich to poor, the answer is....it depends.
I have had very wealthy clients who had much money, but had cancer, or heart disease, and money could not help them. I remember one client, who has since passed on who said to me in my office one day; "Wesley, see that railroad track down the street? I would give up all my money, and live as a hobo, if I could have my health back."
Isn't happiness dependent on what is important to a person their life? I have known people who have worked to make as much money as they could, in order to service the "debt" they incurred on items they thought would bring them happiness. In the end, it didn't, but rather made them regret buying those items.
To me, happiness is living a calm and peaceful life. Enjoying the company of loved ones, and of valued friends. Living each day to the fullest extent that I can, and hopefully making a difference in the world. Creating, not tearing down.
Money is merely an object to use in the exchange for goods or services. It is not evil. I think the issue is more of how we manage our money, or does it manage us? Do we go into needless debt, to keep up with the "jones", or are we wise and live within our "means", not someone elses.
Maybe a better question to ask is, what amount of "my" happiness is dependent on money? Adjust accordingly.