Wealth

Wealth is the stock of valuable assets and resources held by a person, household, institution, or society, usually measured net of liabilities.

Asset: An asset is a resource controlled by an individual or organization that has economic value. Assets are the valuable holdings counted on the positive side of a wealth balance sheet.
Saving: Saving is the portion of income not spent on current consumption. Saving can add to wealth when unspent income is retained as assets.
Wealth tax: A wealth tax is a levy on the net value of assets owned by a person or household. It taxes accumulated holdings rather than only income or transactions.
Income: Income is money or value received over a period from work, investments, or transfers. Income is a flow over time, while wealth is a stock measured at a point in time.
Wealth inequality: Wealth inequality is the uneven distribution of net assets among individuals, households, or groups. It describes differences in the accumulated holdings that wealth measures.
Liability (accounting): A liability is a present obligation to transfer economic resources, such as a debt or unpaid bill. Liabilities reduce net wealth when holdings are measured after debts.
Investment: Investment is the use of resources to acquire or create assets expected to yield future benefits. Investment converts existing resources into assets that may increase future wealth.
National wealth: National wealth is the combined value of a country’s assets, net of its liabilities to the rest of the world. It applies the wealth concept to a country’s balance sheet.
Consumption: Consumption is the use of goods and services to meet needs and wants. Spending uses resources that might otherwise be saved and added to wealth.
Intergenerational mobility: Intergenerational mobility is the degree to which people’s economic or social positions differ from those of their parents. Inherited wealth can reinforce or weaken the link between family origins and later outcomes.

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