wealth
Sign in to savethumb|upright=2.0|List of countries by wealth per adult|Countries by median wealth per adult ([[US dollars); source: Credit Suisse]] Wealth is the abundance of valuable financial assets or physical possessions which can be converted into a form that can be used for transactions. This includes the core meaning as held in the originating Old English word , which is from an Indo-European word stem. The modern concept of wealth is of significance in all areas of economics, and clearly so for growth economics and development economics, yet the meaning of wealth is context-dependent. A person posses
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Wealth is the abundance of valuable financial assets or physical possessions that can be converted into money for transactions. It matters because understanding wealth is significant across all areas of economics, particularly in studying economic growth and development.
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Article
9 sectionsContents
- History
- Global amount
- Philosophical analysis
- Economic analysis
- Versus social class
- Distribution
- See also
- References
- Further reading
thumb|upright=2.0|List of countries by wealth per adult|Countries by median wealth per adult ([[US dollars); source: Credit Suisse]] Wealth is the abundance of valuable financial assets or physical possessions which can be converted into a form that can be used for transactions. This includes the core meaning as held in the originating Old English word , which is from an Indo-European word stem. The modern concept of wealth is of significance in all areas of economics, and clearly so for growth economics and development economics, yet the meaning of wealth is context-dependent. A person possessing a substantial net worth is known as wealthy. Net worth is defined as the current value of one's assets less liabilities (excluding the principal in trust accounts).
At the most general level, economists may define wealth as "the total of anything of value" that captures both the subjective nature of the idea and the idea that it is not a fixed or static concept. Various definitions and concepts of wealth have been asserted by various people in different contexts. Defining wealth can be a normative process with various ethical implications, since often wealth maximization is seen as a goal or is thought to be a normative principle of its own. A community, region or country that possesses an abundance of such possessions or resources for the benefit of the common good is known as wealthy.