Bit of both really. I think he believes he's in a position now to command top wages, relative to his teammates who are maybe being paid more than their contribution is actually worth.
It's a status thing, there's no difference between 75k and 100k to us, but to him it's like saying you're a bit-part player who'll be used sparingly or we value you as a key player now.
Wenget clearly doesn't rate him IMO which I think is a shame.