What Is Personal Wealth?
Personal wealth is the total value of a specific person’s assets and possessions. What is and is not personal wealth seems very straightforward, but it can be a surprisingly complicated matter. In most cases, personal wealth is broken down into three areas; liquid assets, value of possessions and debts. When a business is considered an individual by the government, the assets that belong to the company are technically not personal wealth, even to the company’s owner. This first aspect of personal wealth is what is and is not a person. A single human is a person, regardless of the situation, and anything of value that directly belongs to him is considered personal wealth. This line begins to blur when a business owns items. Certain business types, most notably corporations, are considered people by the government. These businesses own their own property, and that may not be included directly in any other individual’s wealth.
