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A personal net worth of US ,000 in most parts of the United States would certainly not place a person among the wealthiest citizens of that locale.
However, such an amount would constitute an extraordinary amount of wealth in impoverished developing countries. 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.
In economics, net worth refers to the value of assets owned minus the value of liabilities owed at a point in time.
Wealth can be categorized into three principal categories: personal property, including homes or automobiles; monetary savings, such as the accumulation of past income; and the capital wealth of income producing assets, including real estate, stocks, bonds, and businesses.
Various definitions and concepts of wealth have been asserted by various individuals and in different contexts.
Natural capital includes land, forests, energy resources, and minerals.
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Wealth is the abundance of valuable resources or valuable material possessions.When a valuable or desirable commodity is in scarce supply, the owner of the commodity will possess great potential for wealth.'Wealth' refers to some accumulation of resources (net asset value), whether abundant or not.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.All these delineations make wealth an especially important part of social stratification.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. 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.However, at least USD 75,000 was needed to reach the top 10%, and USD 753,000 to belong to the most wealthy 1%.In Western civilization, wealth is connected with a quantitative type of thought, invented in the ancient Greek "revolution of rationality", involving for instance the quantitative analysis of nature, the rationalization of warfare, and measurement in economics.In that way, money also enables a new type of economic society and the definition of wealth in measurable quantities.In the Roman Empire, just as in modern colonialism, the main force behind the conquest of countries was the exploitation and accumulation of wealth in quantitative values like gold and money.