Despite being wealthy, he's not happy.

Literal

Wealthy be-[despite-にもかかわらず], he [topic-は] happy-[negative-ない].

にもかかわらず ('despite, in spite of, notwithstanding') is a formal-register concessive connector. Attaches to a noun or verb phrase. The whole sentence has a reflective, essayistic tone — the kind of observation you'd find in a thoughtful essay about wealth.