While research has shown many times that more money makes a huge difference to people with low income, Matt Killingsworth, a senior fellow at the University of Pennsylvania’s Wharton School, found that raises and bonuses boost happiness even in wealthy households, writes Joe Pinsker for The Wall Street Journal.

According to Killingsworth’s new research paper, the significant income increases experienced by high earners are so substantial that they continue to enhance the recipients’ well-being, much like smaller pay raises do for those in lower income brackets.

“I think of this as a ladder across society,” said Killingsworth. “The rungs are separated by more and more dollars, but exactly the same amount of happiness.”

A 2010 academic paper popularized the opinion that $75,000 is the threshold beyond which making more money did not make people happier. However, more recent research, including Killingsworth’s paper, indicated that such a plateau does not exist.

However Killingsworth and other researchers are quick to point out that many factors influence human happiness, from relationships to the job or country that you are living in.

“No single factor, including money, dominates the equation,” said Killingsworth.

Read more about Matt Killingsworth’s paper making the case that raises and bonuses boost happiness even in wealthy households in The Wall Street Journal.