By some metrics, my relatives actually have a higher quality of life in India than my own family does in America. The absolute income is lower, but the purchasing power for common goods and services is higher. It's harder for them to buy a computer, for example...but much easier to buy housekeeping services (though this is quickly changing as income disparity decreases).

Practically speaking, this translates to a better diet and much more free time.

If more people in the 1st world countries understood what sort of purchasing power they could have in the 3rd world, I'd suspect that many of them would move - though maybe not to India, which is accelerating fairly rapidly as of late.