It is, first of all, not very appropriate to assume that either of these things are the sole exclusive source of happiness.
While this question doesn't entirely presusppose that I just can't help but feel like everyone who sees the question might assume that life is an absolute dichotomy and the amount of happiness you'll have will depend on if you fall on either side, that is you're happy if you're rich and desolate if you're poor, or that you're sad when you're rich and swimming in happiness while you swim in poverty.
This is definitely not so.
If a life of happiness is really the ultimate goal in life, and for a lot of people it is, the paramount thing should be finding for yourself and ourselves what it is that bring us the most happiness. No man or woman is aboslutely the same, or completely different. This is the beauty of life.
What brings you joy and happiness might not bring me joy and happiness, and vice versa. And yet there are still some basic things neccesary for the basic survival of ALL men and women.
(Here I'd advice reading further on Bertrand Russell's Four Basic Factors That Drive Human Motives. It's a brilliant take on the factors that drive us. Among them he mentioned narcissism and the quest for power. You can find an excerpt here: https://www.brainpickings.org/2015/09/21/bertrand-russell-nobel-prize-acceptance-speech/)
This again goes to show our diversity and uniformity at the same time. For some it may be that just a whiff of power and the ability to push men in whatever direction they please, even if not neccesarily with money, is the source of their complete happiness. Some may derive happiness in looking in a mirror.
Some may choose to find happiness in the simpler beauties of life; taking a walk, soaking up in the sun, laughing with friends and family etc. Again nothing is an absolute standard, and I cannot overstress the beauty of human subjectivity.
That said, I'd like to point out that for me the middle way is the way to go. Life is hard, and even though some doesn't like to think so, it's really hard to be optimistic about life when you can't even afford to put food on the table for your family, talkeless of for yourself. And also in that light it is equally hard to be truly happy when you've spent your entire life amassing wealth and then spend every other second of the remaining days of your life worrying how to keep that wealth.
Having enough, however, to be neither strifing nor surfeiting, THAT, for me, is the way to be the happiest you can be. And those people are the happiest.
MATERIAL is not an absolute measure to measure happiness. Because, there are also many people who are wallowing in wealth but he is not happy.
Poverty is not a reason to live unhappy. Indeed, poverty is not a guarantee that someone can be happy as well as wealth. Both are not absolute requirements for a happy life.
Sometimes, we can get happiness in a simple way. Yes, very simple. Where our hearts are always attached to Him and grateful for what He has given us.
Not a matter of wealth or material that makes people happy. Nor is poverty that always makes us bemoan sadness. But how can we enjoy and be grateful for every favor He has given.
Many rich people are not happy. Especially poor people. More happy than happy. Is not it? Why is that? The cause may be simple, we are grateful for every favor.
Rich or poor is not an absolute requirement for someone to be happy. There are many things that we may unknowingly make happy. For example, the cool air in the morning that we breathe every day, when we feel and live how wonderful it is.
If we count every air that enters our body, it will certainly not be able and unable. Because there is so much fresh air to our body every second. That's just the air, if we are grateful for the many gifts that we have not been grateful for.
When we think about it, we have eyes to see, mouths to speak, ears to hear, and many more gifts. Can't all of that make us happy, if we give thanks?
What is the blessing of your Lord?
The two are totally unrelated, it is not a cause and effect thing. There are many very rich people who are extremely unhappy. And there are even more poor people who are very happy.
Happiness is in your head, it is an attitude. It means being content with what you have and where you are.
Don't get me wrong, you can be happy with what you have and where you are, and still strive to reach more. That's a good thing, that's not being unhappy.
As for the relation between money and happiness... it is easier being happy when you don't have to constantly worry about bills to pay, health issues which would be solved easily for a couple of bucks, when your belly doesn't hurt from hunger, and if you have a nice, soft and warm bed to sleep in.
Money can't buy you happiness, but it is one of the tools available to remove some of the obstacles to happiness sometimes.
To be Honest it does not really matter if you are rich or poor to be HAPPY
All that it requires the peace of mind when at the end of the day if you can sleep without any tension and nothing to worry about than you are probably the best person who is the most happiest one.
whereas you have a load of money and your mind is not happy in any way than what is the need of that wealth, if it brings you all the tension. While Rich person are also happier in most of the cases. Being with the family and living for others, there is a real joy in it as well.
Whereas Money is indeed needed for our life but not that way that MONEY becomes our life.
To be happy you need not to be rich or poor, all is in your actions that you do in your real life.
I don't think you will ever find a poor person who considers themselves happy.
If you did, they probably don't consider themselves poor.
They will talk about how they are rich spiritually or surrounded by love and are enriched that way.
So rich vs poor can also be a mindset. It doesn't always have to be materialistic wealth. It can mean different things to different people.
I'm not sure many rich people are truly happy either. They have probably worked long hours, sacrificed love or family, perhaps have done things they regret to get to where they are today and have the rich lifestyle. So being rich doesn't mean you are happy either.
Now since the question was which was HAPPIER I would have to say the rich. Simply because they have less worries about the mundane aspects of life such as having a roof over ones head, putting food on the table, being able to provide for your loved ones, less health concerns as they probably eat better and can afford better treatment if needed, and if they see something that would make them happy, albeit for a short time, they can simply purchase it and gain that happieness for however long it lasts. Poor people don't have those options open to them and must have more stress about those things than people in a better position
Have you even seen a sad person riding a jet ski?? I rest my case.
Considering that suicide is almost exclusive to the affluent sections of the populations I would say the poor are more happy.