Wealth derives from the old English word "weal", which meant "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 or rich is someone who has accumulated substantial wealth relative to others in their society or reference group. 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. For example, a personal net worth of US $1,000,000 in most parts of the United States Midwest would certainly place a person among the wealthiest citizens, yet the same net wealth would be considered quite modest on New York City's Upper East Side or in the Connecticut suburbs. However, such amounts would constitute extraordinary wealth in impoverished developing countries. Some of the wealthiest countries in the world are; the United Kingdom, the United States, Sweden, Japan, New Zealand, South Korea, Germany, Italy, France, Taiwan, Norway, Australia, Canada, and Switzerland.

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i guess Veblen had a point re conspicuous consumption...the performance of wealth and privilege through snorting coke LOL (via @pareidoliac)
droppar (♡ droppar av solregn) Wed, 04 Nov 2009 18:19:16 -0000
i guess Veblen had a point re conspicuous consumption...the performance of wealth and privilege through snorting coke LOL (via @pareidoliac)
File under Conspicuous Consumption and Vulgar Display of Wealth - if you're a liberal: http://tinyurl.com/yjzhj59 #hhrs
gregzimmerman (greg zimmerman) Tue, 03 Nov 2009 00:04:53 -0000
File under Conspicuous Consumption and Vulgar Display of Wealth - if you're a liberal: http://tinyurl.com/yjzhj59 #hhrs
@dangillmor Yes, and no. If you tax, tax just once, at the point of either wealth production or consumption, not transfer.
IvoVegter (ivovegter) Sat, 31 Oct 2009 23:18:48 -0000
@dangillmor Yes, and no. If you tax, tax just once, at the point of either wealth production or consumption, not transfer.

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