There's certainly a point of diminishing returns, and I'd even agree that it is a cliff. Once you have a decent place to live, and your day-to-day worries about paying the bills are covered, and unexpected emergencies do not threaten your ability to get to work, keep your job, and pay your rent, then for most people more money has a diminishing impact on happiness. But that amount of money is quite a bit more than the poverty line.
I'm willing to test this theory out, send me some money.
When people with 1X see people with 10X or 100X and go hey! Why aren't you doing more? That gives me hope. When these people succeed, they are exactly the type of people who will give back and derive happiness from it. The right person who acquires wealth can do a lot of good in the world.
What a hyper-capitalist statement. You are living a sad life if money and status is all that is driving you.
This person is free to do what they like. Family, friends, hobbies, philanthropy, … But apparently they have been stuck in a hamster wheel, chasing money and status their whole life, without ever stopping to think what they actually want or like, what is important to them.
Use the free time to learn some Zig! And start a life of happily giving back powerful and useful GPL software to put your own 2 cents on the mountain of society building blocks that allowed you to thrive in such a way to begin with.