wealth


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Related to wealth: Wealth tax, Wealth Creation, Wealth management

Wealth

The state of having strong financial resources. There is no strict definition of how much one needs to have in order to be "wealthy," but, in general, it refers to one with significantly more assets than liabilities. However, socially, a person with too much debt may be considered to be wealthy because others are not aware of his/her true financial state. Excess wealth (and wealthy persons) drives economic growth. Some believe this ought to be encouraged, as it eventually makes the remainder of society wealthier. Others, however, believe growth is strongest when the needs of multiple classes, and not just the wealthy, are balanced. A few others believe most wealth ought to be confiscated and redistributed, but this is a minority opinion.

wealth

the total stock of ASSETS owned by the population of a country. Wealth represents past income flows which have been used to buy such assets as houses, land, stocks and shares etc. One commonly used measure of wealth in the UK is that of ‘marketable wealth’, consisting of those assets which are readily saleable. Wealth in the UK, like income, (see DISTRIBUTION OF INCOME), is unevenly distributed (see Fig. 89). See WEALTH TAX.
Wealthclick for a larger image
Fig. 197 Wealth. The distribution of marketable wealth in the UK, 2002. The total includes land and dwellings (net of mortgage debt), stocks and shares, bank and building society deposits and other financial assets but excludes life assurance and pensions. Source: Social Trends, 2004.

wealth

the stock of net ASSETS owned by individuals or households. In aggregate terms, one widely used measure of the nation's total stock of wealth is that of ‘marketable wealth’, that is, physical and financial assets that are in the main relatively liquid. In 2002, marketable wealth in the UK totalled around £3,400 billion (this excludes life assurance and pension entitlements, which account for some one-third of all wealth assets but which are not readily liquid). Marketable wealth is not equally distributed in the UK, as Fig. 197 shows. In 2002, the richest 5% of the population owned 43% of marketable wealth.
References in classic literature ?
The fellow (gentleman, as he styled himself) can hardly have been other than a spurious interloper; for, instead of seeking office from the king or the royal governor, or urging his hereditary claim to Eastern lands, he bethought himself of no better avenue to wealth than by cutting a shop-door through the side of his ancestral residence.
To bring that about, their fellow slaves all over the world must unite in a vast international association of men pledged to share the world's work justly; to share the produce of the work justly; to yield not a farthing--charity apart--to any full-grown and able-bodied idler or malingerer, and to treat as vermin in the commonwealth persons attempting to get more than their share of wealth or give less than their share of work.
For another reason, the votes allowed in the federal legislature to the people of each State, ought to bear some proportion to the comparative wealth of the States.
It was dangerous even to look at such a vast amount of wealth.
Gathergold, with his vast wealth, might transform himself into an angel of beneficence, and assume a control over human affairs as wide and benignant as the smile of the Great Stone Face.
He bids the Trojans and Achaeans lay their armour upon the ground, while he and Menelaus fight in the midst of you for Helen and all her wealth.
It is, however, a subject of curious inquiry at the present day, to look into the brief records of that early period, and observe how regular, and with few exceptions how inevitable, were the gradations, on the one hand, of the masters to poverty, and on the other, of their servants to wealth.
At how much do you estimate, as near as you can, the amount of this wealth, M.
It taught him that he had been scarcely more misled by Thorpe's first boast of the family wealth than by his subsequent malicious overthrow of it; that in no sense of the word were they necessitous or poor, and that Catherine would have three thousand pounds.
For which reason the art of money-getting seems to be chiefly conversant about trade, and the business of it to be able to tell where the greatest profits can be made, being the means of procuring abundance of wealth and possessions: and thus wealth is very often supposed to consist in the quantity of money which any one possesses, as this is the medium by which all trade is conducted and a fortune made, others again regard it as of no value, as being of none by nature, but arbitrarily made so by compact; so that if those who use it should alter their sentiments, it would be worth nothing, as being of no service for any necessary purpose.
The more the plundering by the French continued, the more both the wealth of Moscow and the strength of its plunderers was destroyed.
In London and Paris to-day to have wealth and to know how to spend it is to be the equal of princes