The first reason is rooted in human nature, where individuals engage in social comparison and carry social expectations. We often perceive tangible elements like money and material possessions as benchmarks of success. Moreover, the prevalent use of social media intensifies societal emphasis on an individual's status to appear superior. Consequently, people strive to attain a recognized status and substantial wealth to gain approval and recognition. This is intertwined with the second reason: status and wealth define self-worth and identity. Many of us find self-acceptance after being validated by others. Acquiring recognition from others is through the outputs we have generated, particularly our current position in the social strata and our net worth.
The third reason is a common belief that wealth and status bring happiness or an improved quality of life. Individuals often pursue these goals in the hope that achieving them will lead to greater fulfillment or contentment. Despite the infamous saying, "money can't buy happiness", the reality is more nuanced. It is undeniable that almost everything in this world involves financial transactions. For instance, finding happiness through exploring nature requires funds for transportation, equipment, and sustenance. It is more accurate to rephrase it as "money can't buy happiness, but it is needed throughout the process of creating it". Lastly, greater wealth can provide a sense of security. It might ensure access to better healthcare, education, living conditions, and opportunities, all of which are essential for personal and family well-being. Having a recognized status can also get us exposed to privileges such as exclusive services, high quality food and beverages, and much more.
To sum it up, the pursuit of wealth and status is deeply rooted in human nature, driven by social comparison and societal expectations. While believed to lead to happiness, the reality is nuanced---money is essential for many experiences, even if it doesn't directly buy happiness. Both wealth and status offer privileges and security. As long as it is for the right motivations, there is no harm in wanting to achieve a higher status or greater wealth than others. However, excessiveness is not beneficial.
