Material living standards have never been as high as they are today.
Literal
Material living-standard [subject-が] today as-much-as high-was [experience-ことはない].
~ほど…ことはない means 'there has never been a time when X was as much as Y.' 物質的な uses ~的 to make 物質 (material/substance) into an adjective. 生活水準 (living standard) is a formal compound noun.