Wealth
From Wikipedia, the free encyclopedia
For the business meaning, see Wealth (economics).
This article may require cleanup to meet Wikipedia's quality standards.
Please improve this article if you can. (September 2006)
This article needs additional citations for verification.
Please help improve this article by adding reliable references. Unsourced material may be challenged and removed. (July 2007)
Wealth from the old English word "weal", which means "well-being" or "welfare". The term was originally an adjective to describe the possession of such qualities.
"Wealth" has come to mean an abundance of items of economic value, or the state of controlling or possessing such items, and encompasses money, real estate and personal property. In many countries wealth is also measured by reference to access to essential services such as health care, or the possession of crops and livestock. An individual who is wealthy, affluent, or rich is someone who has accumulated substantial wealth relative to others in their society or reference group. In economics, wealth refers to the value of assets owned minus the value of liabilities owed at a point in time.
'Wealth' refers to some accumulation of resources, whether abundant or not. 'Richness' refers to an abundance of such resources. A wealthy (or rich) individual, community, or nation thus has more resources than a poor one. Richness can also refer at least basic needs being met with abundance widely shared. The opposite of wealth is destitution. The opposite of richness is poverty.
The term implies a social contract on establishing and maintaining ownership in relation to such items which can be invoked with little or no effort and expense on the part of the owner (see means of protection).
The concept of wealth is relative and not only varies between societies, but will often vary between different sections or regions in the same society. A personal net worth of US $1,000,000 in most parts of the United States would certainly place a person among the wealthiest citizens. However, such amounts would constitute an extraordinary amount of wealth in impoverished developing countries.
The wealth of a country can be measured by its GDP per capita. See List of countries by GDP (PPP) per capita.
