Does being rich mean one is happy?

In my opinion, being rich does not necessarily mean one is happy.

For example, according to the Human Development Reports from the United Nations 

Development Programme, Singapore is ranked 11th on the Human Development Index, while China is ranked 90th. However, according to the Happy Planet Index, which measures and compares each country's happiness, China has a Happy Planet Index (HPI) of 44.7 while Singapore has a lower HPI of 39.8. This shows that even though one may be richer, it does not always make them happier than those who are less rich. The Human Development Index also indicates that Singapore has a GDP of 358 while China only has a GDP of 50.3.