I believe cultural wealth is more important than material wealth, i.e. it's better to have a house full of books than to have marble in your bathroom. Holds true for nations as well
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On a bigger scale, I'd argue that a nation that provides top-quality education and access to a rich cultural life to its citizens is providing a better standard of living than one that has a higher GDP per capita but that is largely a cultural wasteland
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Of course, education and a rich cultural life (as well as free time to enjoy it) requires some level of material wealth. But my subjective impression both at the individual and national levels is that those with the highest living standards by my metrics are often not the richest
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Fundamentally, you can't buy goods & services as a replacement for meaning and wonder.
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End of conversation
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