Weekend Economists Enumerate the Wealth of Nations, February 10-12, 2012

[Demeter]

67. SO, WHAT MAKES A NATION WEALTHY?

What is 'wealth"?

From Wikipedia:

Wealth is the abundance of valuable resources or material possessions. The word wealth is derived from the old English weal, which is from an Indo-European word stem. An individual, community, region or country that possesses an abundance of such possessions or resources is known as wealthy.

The concept of wealth, or its increase, 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 and there is no universally agreed upon definition. At the most general level, economists may define wealth as "anything of value" which 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. Defining wealth can be a normative process with various ethical implications, since often wealth maximization is seen as a goal or is thought to be a normative principle of its own.

Although precise data are not available, the total household wealth in the world has been estimated at $125 trillion (USD 125 x1012) in year 2000. About 90% of global wealth is distributed in North America, Europe, and "rich Asia-Pacific" countries (not including India), and 1% of adults are estimated to hold 40% of world wealth, a number which falls to 32% when adjusted for purchasing power parity.

From the Dictionary:

wealth (wlth) n.

1.obsolete : weal, welfare

a. An abundance of valuable material possessions or resources; riches.

b. The state of being rich; affluence.

2. All goods and resources having value in terms of exchange or use.

Origin of WEALTH
Middle English welthe, from wele weal
First Known Use: 13th century

3. A great amount; a profusion: a wealth of advice.

I'd go for the things that are priceless, myself. Development of that thought follows: