Wealth is defined as the accumulation of valuable economic resources or assets owned by an individual, community, company, or country, measured as the total value of all physical and intangible assets minus all debts. This measure is commonly referred to as net worth

. Key aspects of wealth include:

• Assets and Liabilities: Wealth is calculated by taking the market value of all owned assets (such as money, property, investments, and other valuables) and subtracting any liabilities or debts owed

• Stock vs. Flow: Wealth is a stock variable, representing the total accumulated resources at a given point in time, unlike income, which is a flow variable representing earnings over a period

• Relative Concept: Wealth is often considered in relative terms, comparing individuals or groups to determine who is wealthy based on accumulated resources

• Scarcity: Wealth typically applies to scarce economic goods that have value and can be transferred or exchanged. Abundant or freely available goods do not contribute to wealth

• Forms of Wealth: Wealth can be expressed in monetary terms or in real goods such as land, livestock, or commodities, depending on cultural or historical context

In summary, wealth is the net value of all valuable possessions and financial assets owned, reflecting economic power and financial stability