I have had too much, and I have had too little. I find everything is best when things are 'just right'.
Before meeting my husband, I was very poor by American standards. My apartment was too small, and my son's room was in the living room. We kept a couch in the kitchen(which was decent sized), and that was our 'living room'. Everyone gathered in the kitchen(it was my son, 5 at the time, and a roommate and I living there). We had too little, but we were mostly happy. It was annoying though, to have to bring guests into the kitchen to visit, and sometimes we didn't have enough things like dishes, toiletries, etc. I had to be careful with money to make sure there was enough for bills and food, but didn't buy much else. I don't think I'd go back to those conditions, though, because being in too small a space was impossible to keep clean, and that caused stress.
However, I have too much now. My husband is a borderline hoarder, and there is too much stuff. Much of it is junk, but we can't get rid of it for this, that, or the other reason. Though our home has adequate space, I am constantly struggling to find places to put things, because there is just no room for 60 shirts, or 4 pairs of ruined shoes(that someone might use someday), or a candlestick that was found at a thrift shop 5 years ago that we can't light due to kids/cats. That is stressful, too. Sometimes I get 'closed in', and just start tossing things, but most of the time its not worth the argument.
I think what works best is to find that balance.... when you have enough to meet the needs of your body, mind, and soul, but not so much that it inhibits those very same things.