high life vs wastefulness

high life and wastefulness both are nouns.

Word	Noun	Adjective	Verb	Adverb
high life	Yes	No	No	No
wastefulness	Yes	No	No	No

As nouns, wastefulness is a hypernym of high life; that is, wastefulness is a word with a broader meaning than high life:

high life: the activity of excessive spending
wastefulness: useless or profitless activity; using or expending or consuming thoughtlessly or carelessly

Other hypernyms of high life include dissipation, waste.

high life (noun)	wastefulness (noun)
the activity of excessive spending	useless or profitless activity; using or expending or consuming thoughtlessly or carelessly
	the trait of wasting resources