WORLD HISTORY

Detailed explanation-1: -Wealth can be defined as a family’s assets minus their liabilities. Your assets can include the money you have in your savings and checking accounts, your retirement savings or the home and/or car you own. Your liabilities are your debts, including a mortgage, car note, credit card balance and/or student loan debt.

Detailed explanation-2: -Wealth is the possession of a large amount of money, property, or other valuable things. You can also refer to a particular person’s money or property as their wealth.

Detailed explanation-3: -Unlike income, wealth is a stock, and results both from actions to increase the flow of money to a household-through, for example, income from labor-as well as from decisions on how to use the money that comes in-for example, whether individuals choose to consume or save, and which assets they choose to invest in.

Detailed explanation-4: -According to Credit Suisse, individuals with more than $1 million in wealth sit in the top 1 percent bracket. The billionaire class is $2.6 trillion richer than before the pandemic, even if billionaire fortunes slightly fell in 2022 after their record-smashing peak in 2021.