Wealth has many definitions and interpretations which differ from various groups of people and social economic backgrounds. Some people consider health, family and education. Others consider making money and gathering appreciating assets. The dictionary definition of wealth is as follows: Having an abundance of valuable possessions of money, material goods or having an ample supply of goods.

R.Buckminster Fuller's definition goes as follows: “Wealth is a person’s ability to survive so many days forward.”

The Difference Between Wealthy and Rich

Wealthy can be best described as where your income from your business and assets are greater than your expenses. It is at this point you are considered to be wealthy. Rich can be described as when your income alone can cover all your expenses. Is is at this point you are considered rich.