Wealth is the condition of profuse abundance and affluence, having a bountiful supply of material goods, resources and money. It could also be defined as property of economic monetary value.
In Economics, wealth is defined as the stock of physical capital, human resources and net financial worth owned overseas by a country. Physical capital composes ownership of building structures, machines, railroads and other fixed tangible assets. Human capital on the other hand, is the quality work force with emphasis on educational attainment, which contributes to the country’s productivity. While net financial capital is off settled from the monetary value of assets acquired by foreigners in the local economy to the foreign acquisition of the country.
Oftentimes, wealth is associated with money such as savings, investments and other forms of financial capital.
But the word “wealth” is taken from the Ancient English words “weal” (well-being) and “th” (condition), which when combined means “condition of well-being.” “Economic,” on the other hand, originates from the Greek word “oikonomia” meaning “household management.”
In a different perspective, some individuals view wealth as a genuine disclosure of ones true values, and accounts for what is held important to ones life like a reflection of image and real self.
Today, society is posed with the challenge of sustaining quality life, which contributes to the equilibrium between economy and quality. Such perspective allows an individual to assess ones real assets – strength and opportunities to enhance ones real potential.
A person who attempts to align values and principles with the condition of well-being believes that he/she is seeking genuine wealth – all things that make life worth living (personal, professional, spiritual, environmental and financial well-being).
People mostly define authentic wealth in terms of harmonious relations with the members of the family, supervisors, co-workers, peers, neighbors and acquaintances. Some see it in the simplicity and complexity of natural creations. Or it could be measured in terms of joy, social cohesion and unquantifiable, abstract thoughts and ideas.
Another relevant word which can be related to wealth is value, which is derived from the Latin word “volorum,” meaning “to be worthy”. Oftentimes, value connotes monetary expressions such as costs, prices and returns on investments. But true value (valorum) is found on the simple things that makes life worth living. It is the value of relationships, the value of what one possesses and not long for things which are not in their possession.