Will the information and telecommunication technologies (ICTs) alone bring the fortune and happiness to us, or is it the way we make daily decisions based on our cultural values that really count? This research studies the influence of cultural values and the degree of ICTs' applications on people's economical and psychological well-beings. In recent two decades, many nations recognize the power of ICTs, but experts still cannot have conclusive evidences about the role of cultural values and the applications of ICTs on people's social and economical living quality. In order to find out the answers related to these issues in international level and individual level, this study designs a two-phase research. At first, relevant secondary data from various international institutions are collected and statistically analyzed. Secondly, a survey method was adopted to collect individual data from master students in National Central University's continuing education program and members of Taiwan's Rotary Club. In the international level, we find that the use of ICT and cultural values bears significant impact on income per capita and life satisfaction. However, in the individual level the impact of some cultural values is noticeable, yet the impact of ICTs is negligible. It implies that ICTs are becoming commodities when they are cheaply available. Once ICTs are available, it is our mind-sets, not technologies, that make us rich and happy. Keywords: information society, the quality of life, cultural values