The study investigates how proximity influences social income comparisons and their impact on well-being, using data from the Spanish Survey of Household Finances (2002-2017). It finds that static comparisons with significantly richer individuals negatively affect well-being, while dynamic comparisons improve well-being when individuals surpass previously wealthier peers. The effects are moderated by the degree of proximity, with significant impacts only observed when income differences are substantial. The research highlights the complex interplay between envy, pride, and signaling effects in shaping subjective well-being.