Hi @sameer777,
I agree with you, wealth can secure some of our physiological and safety (basic) needs, but not the deeper ones, such as love, belonging, esteem, and self-actualization. I've actually recently written a very similar article about Individualism and Collectivism as a dimension of national culture where I've also tried to explain the effect of wealth on happiness. Feel free to check it out if it sounds interesting.
Cheers,
@lifenbeauty