Wealth is an abundance of valuable material possessions or resources. The word is derived from the old English wela, which is from an Indo-European word stem. [1] An individual, community, region or country that has an abundance of such possessions or resources is called wealthy.
The concept of wealth is of great importance in economics, especially development economics, yet the meaning of wealth is not straightforward and there is no universally agreed-upon definition. Different definitions and concepts of wealth have been put forth by different authors and in different contexts.[2] The choice of a definition of wealth can be normative and have ethical implications, since wealth maximization is often seen as a goal or put forth as a normative principle of its own.[3]
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