In Germany, there is a large wealth gap between East and West Germans as well as a gap in life satisfaction, with people in East Germany reporting to be less satisfied. This article sheds light on the role of different levels of wealth and their association with affective well-being. On a wider scale, this article examines psychological consequences of wealth inequality between societal groups. Longitudinal data from the years 2007, 2012, and 2017 of the German Socio-Economic Panel (N = 5,066 [Nfemale = 2,522, Nwest = 3,756, mage2007 = 50.46]) was used. Multiple ordinal logit regression models as well as a fixed-effects generalized estimating equation model were used to analyze the association between wealth and affective well-being in East and West Germany. Net worth was found to be a significant predictor for affective well-being for change over time within respondents but did not predict differences in affective well-being between respondents. Due to their socialist history and related obstacles in acquiring wealth and the unbalanced distribution of GDR assets after the reunification, East Germans are significantly less wealthy than West Germans. Wealth is a more salient predictor for general life satisfaction but is less relevant for the frequency of positive and happy emotions.