Wealth is the accumulation of valuable economic resources that can be measured in terms of real goods or monetary value.
Net worth is the most common measure of wealth, determined by taking the total market value of all owned physical and intangible assets less all debt.
The concept of wealth is usually applied only to scarce economic goods; Goods that are plentiful and free for everyone do not provide a basis for relative comparisons between people.
Unlike income, which is a flow variable, wealth measures the amount of valuable economic wealth accumulated at a given point in time.
Relative differences in wealth between people is what we usually refer to to determine who is rich and who is not.