This year my answers have changed to this question. Previously I would have said the amplifier, but that was because I did not own a high end preamp.
Amplifiers matter up to a point that you need to drive speakers efficiently without straining the amp; not pushing it into distortion. To my mind, that is an amplifier that can deliver high current; not just watts per channel. This year I added a CODA S5.5 solid state amp, and an Aric Audio Transcend "Push Pull" EL34 amp.....both capable of high current. They truly transformed my system, even with a "mid-fi" preamp.
Then a couple of months later, I added an Aric Audio Motherlode XL balanced preamp.....and I learned what all of the fuss was about with a high end preamp. It took all of the magic of the amps, and improved on most everything in every way.
I also believe that the room conditioning is of equal importance, so much that I'm building a dedicated listening room, with proper diffusion and absorption, dedicated power with high end receptacles. Once that is complete, then I'll review what needs to be changed.