Wealth is the total value of all assets owned by a person, community, company, or country, measured by the market value of all physical and intangible assets minus any debts. It is an accumulation of valuable economic resources at a given point in time and can be expressed in various forms such as financial assets, property, or other scarce goods. Wealth is distinct from income, as wealth refers to a stock (accumulated resources) while income refers to a flow (money earned over time). The concept of wealth can also extend beyond money, encompassing social status, health, and time as forms of wealth.

Key aspects of wealth:

• Wealth represents accumulated resources or net worth, defined as assets minus liabilities.
• It can be understood in both absolute terms and relative to others.
• Wealth can include money, properties, stocks, commodities, or any scarce valuable goods.
• It is a stock variable, measuring resources at a specific time, unlike income which is measured over a period.
• Some perspectives highlight non-financial forms of wealth such as health, social connections, and time freedom.

This broader understanding shows that wealth is not just about financial worth but can include various dimensions that contribute to overall well-being and freedom.