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Physical (or "manufactured") capital includes such things as machinery, buildings, and infrastructure.Adam Smith, in his seminal work The Wealth of Nations, described wealth as "the annual produce of the land and labour of the society".A wealthy individual, community, or nation thus has more accumulated resources (capital) than a poor one. The concept of wealth is relative and not only varies between societies, but varies between different sections or regions in the same society.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.The wealth of households amounts to USD 291 trillion (2013) and is estimated to increase by 55% in five years. The Credit Suisse Wealth Report (mid-2013) estimated that, once debts had been subtracted, an adult required just USD 4,000 in assets to be within the wealthiest 50% of world citizens.
Modern philosophers like Nietzsche criticized the fixation on measurable wealth: "Unsere ‘Reichen' – das sind die Ärmsten! ”) In economics, wealth (in a commonly applied accounting sense, sometimes savings) is the net worth of a person, household, or nation, that is, the value of all assets owned net of all liabilities owed at a point in time.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.When a valuable or desirable commodity is in scarce supply, the owner of the commodity will possess great potential for wealth.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.