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 weal , which is from an Indo-European word stem. An individual 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 "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 individuals and in different contexts. The United Nations definition of inclusive wealth is a monetary measure which includes the sum of natural, human, and physical assets. Human capital is the population's education and skills. Physical or "manufactured" capital includes such things as machinery, buildings, and infrastructure. Adam Smith , in his seminal work The Wealth of Nations , described wealth as "the annual produce of the land and labour of the society". This "produce" is, at its simplest, that which satisfies human needs and wants of utility. In popular usage, wealth can be described as an abundance of items of economic value , or the state of controlling or possessing such items, usually in the form of money , real estate and personal property. An individual who is considered wealthy, affluent, or rich is someone who has accumulated substantial wealth relative to others in their society or reference group. In economics, net worth refers to the value of assets owned minus the value of liabilities owed at a point in time. Wealth provides a type of individual safety net of protection against an unforeseen decline in one's living standard in the event of job loss or other emergency and can be transformed into home ownership, business ownership, or even a college education. Wealth has been defined as a collection of things limited in supply, transferable, and useful in satisfying human desires. When a desirable or valuable commodity transferable good or skill is abundantly available to everyone, the owner of the commodity will possess no potential for wealth. When a valuable or desirable commodity is in scarce supply, the owner of the commodity will possess great potential for wealth. A wealthy individual, community, or nation thus has more accumulated resources capital than a poor one. 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. The concept of wealth is relative and not only varies between societies, but varies between different sections or regions in the same society. However, such an amount would constitute an extraordinary amount of wealth in impoverished developing countries. Concepts of wealth also vary across time. Modern labor-saving inventions and the development of the sciences have vastly improved the standard of living in modern societies for even the poorest of people. This comparative wealth across time is also applicable to the future; given this trend of human advancement, it is possible that the standard of living that the wealthiest enjoy today will be considered impoverished by future generations. Industrialization emphasized the role of technology. Many jobs were automated. Machines replaced some workers while other workers became more specialized. Labour specialization became critical to economic success. However, physical capital , as it came to be known, consisting of both the natural capital and the infrastructural capital , became the focus of the analysis of wealth. Adam Smith saw wealth creation as the combination of materials, labour, land, and technology in such a way as to capture a profit excess above the cost of production. Marxian economics see labor theory of value distinguishes in the Grundrisse between material wealth and human wealth, defining human wealth as "wealth in human relations"; land and labour were the source of all material wealth. Having a leading position in the development of rational sciences, in new technologies and in economic production leads to wealth, while the opposite can be correlated with poverty.

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