An individual, community, region or country that possesses an abundance of such possessions or resources to the benefit of the common good is known as wealthy.
The modern concept of wealth is of significance in all areas of economics, and clearly so for growth economics and development economics yet the meaning of wealth is context-dependent.
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 German cultural historian Silvio Vietta links wealth/poverty to rationality.
Human capital is the population's education and skills.
The theories of David Ricardo, John Locke, John Stuart Mill, in the 18th century and 19th century built on these views of wealth that we now call classical economics.
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.
Wealth is the abundance of valuable resources or valuable material possessions.
This includes the core meaning as held in the originating old English word weal, which is from an Indo-European word stem.