Introduction The debate on the existing relationship between on the one hand, a subjective wellbeing and on the other hand, wealth, has been a subject of great controversy amongst scholars and critics alike. It is the argument of a number of authors (for example, Deci & Ryan 2000; Kasser 2002; Kasser & Ahuvia 2002) that by concentrating more on such materialistic values as fame, financial success as well as physical appearance at the expense of intrinsic values (for instance, a contribution to the community, growth and affiliation), this seeks to be injurious to the well-being of a people. According to Lyubomirsky and Ross (1997), this kind of an effect is bound to occur for the reason that the pursuits of extrinsic goals share a connection with unnecessary interpersonal evaluations as well as unsteady confidence (Kernis, Brown, & Brody 2000). Both these values often tend to relate to the well-being of an individual in a negative manner. Besides, those individuals that gets familiarized in an extrinsic manner have a reduced likelihood of taking part in activities geared towards fulfilling the competence, autonomic and relatedness psychological needs (Ryan & Deci 2000), which plays the role of nutriments for an individual’s well-being (La Guardia, Ryan, Couchman, & Deci, 2000; Sheldon, Elliot, Kim, & Kaiser 2001). For example, there is likelihood that the pursuant of extrinsic values may very well overshadow such behaviours of psychological satisfaction as affiliation and prosocial commitment (Kasser & Ryan 1996). On the contrary, such other scholars as Sagiv & Schwartz (2000) asserts that the well-being vs. materialistic values hinges on an interplay between on the one hand, the orientation of individuals towards certain values and on the other hand, the kinds of values that tends to be upheld within the environment in which such individuals are situated. In other words, it is not the link between the values and the well-being of individuals that matter. Rather, it is the value content that takes centre stage. The economic theory and subjective well-being Numerous studies in psychology have been undertaken to establish whether or not a correlation exists between the subjective well-being of an individual and their social-economic status (Sagiv & Schwartz 2000; Sheldon et al 2001; Palloni & Ewbank 2004). Besides attempting to establish a plausible link between wealth and an individual’s subjective wellbeing, psychologist have also been interested in evaluating what kind of a relationship this is (Myers 2000; Mulatu & Schooler 2002), along with the influence that wealth may have over the happiness (or lack of) of its bearer. Basically, what the economic theory appears to suggest is that when one is financially well-off they are more capable of acquiring those things that could afford pleasure to an individual, such as going to a holiday, or having an expensive dinner with one’s family at an exotic restaurant. However, such a perspective seems to point at income as the principle factor to wealth, which is not the case (Marmot et al 1987). There is more to wealth that income. There are also some subjective well-being proponents who have help the ar