There are three different variables: income, consumption, and wealth, which confuse any discussion of economic class. Someone who is high-income, high-consumption, and low-wealth is probably working >40 hours a week at a professional job and worried about money, but also might be driving a fancy car and living in an expensive house.

In terms of life satisfaction, I get the sense that the primary variable that matters is wealth, but in terms of social status (for most groups), the primary variable that matters is consumption.