Tim Kasser, Associate Professor of Psychology at Knox College in the United States, and author of The High Price of Materialism, outlined that dark side more broadly.

"Research shows that when people place a relatively high value on the acquisition of money, possessions, image, and status-some common elements of the American Dream-there are three kinds of problems that are likely to occur," Kasser said.

First, he said, people who are more materialistic are less satisfied with their lives, report more depression and anxiety, experience more unpleasant emotions like anger and sadness and fewer pleasant emotions like contentment. Second, they are less likely to engage in positive and pro-social behaviors. Hence, they are more competitive, less empathic and more likely to cheat. Third, they live their lives in more ecologically damaging ways, using more resources and recycling less.

Still, Nickerson's study found that for those whose household incomes were in fact higher (regardless of their financial goals), overall life satisfaction was higher also.

"On average, wealthy individuals are somewhat happier than less wealthy individuals," said Christopher Hsee, the Theodore O. Yntema Chair Professor at the University of Chicago Graduate School of Business. "Furthermore, what business success brings is not just financial benefits, but more important, it brings a sense of achievement."

However, Hsee suggested desiring business success is different from being materialistic, and has different consequences.

"Various studies, including one we conducted in China, show that controlling for income, the more you believe in materialism…the less happy you are," Hsee said. "Thus, if you are wealthy and you are not materialistic, you will be quite happy; if you are materialistic but don't have much money, you will be quite unhappy. Our data [also from China] suggest that the more you care about 'face,' the less happy you are."

In the Chinese culture, the problem of "losing face" is a kind of embarrassment and often associated with a failure in either career or life.

Indeed, Su might have suffered from that homegrown China complex.

"The questions constantly going through your mind are: Is your boss satisfied with you? Is the working pressure heavy? Have you done a good job? Do the company and your colleagues recognize your work and are they pleased?" Su said.

Su noted the work pressure in listed companies was even heavier and performance was nearly everything that mattered.

"You just didn't have time to think whether you were happy or not," Su said.

Back on track

Today, Su's life appears to be improving, and thankfully, not financially.

Su currently isn't working-taking a break for a while after he was laid off. Although headhunters are apparently after him, he has rebuffed them to date, pursuing writing a book on management in China.

A man like Su certainly needn't worry about bread and butter. He's one of the major shareholders of a real estate company in Beijing founded by several Taiwanese.

"I only need to attend the shareholders' meetings and there is nearly nothing else," he said, sounding relaxed for a change.