Wealth is a term that describes the abundance of various things. Most of us refer to wealth in terms of financial success or money. While this is the general term, there are different types of wealth. According to Merriam-Webster, wealth is a term that describes the “abundance of valuable material possessions or resources.”
Considering most of us refer to wealth as valuable goods and money, we figured out what better way to describe wealth than by explaining the types of wealth. So, with all that said, let’s begin.
The 6 Types of Wealth People Seek
We can use the word to describe up to six types of wealth. Those are:
- Financial Wealth
- Material Wealth
- Intellectual Wealth
- Social Wealth
- Emotional Wealth
- Spiritual Wealth
Let’s describe each type of wealth:
Financial Wealth = Money
The most obvious type of wealth, financial wealth, refers to money, assets, investments, and similar goods. The more of these a person has, the more financially wealthy they are.
Financial wealth is primarily measured in money or cash. But it’s also typical for investments, property, and other tangible or intangible assets to fall under the financial wealth umbrella.
Financial wealth is the type of wealth most people understand and associate with the meaning of “wealth.”
Material Wealth = Luxury Goods and Possessions
Material wealth is similar to financial wealth, as the more materially wealthy we are, the richer we are. The term “material wealth” mostly refers to tangible goods or possessions. These include but are not limited to cars, land, jewelry, and other luxury goods.
Similarly to financial wealth, material wealth tells us about an individual’s success and prosperity. Since material wealth can be translated into financial wealth, most people strive for both.
Intellectual Wealth = Intelligence and Education
Intellectual wealth is an entirely different type of wealth than financial and material wealth. The term refers to the knowledge and skills someone has. Moreover, it refers to a person’s ability to think critically and solve problems.
Intellectually wealthy people are different from financially wealthy because intellectual wealth is measured in intellect, not money or luxury goods. Moreover, intellectually wealthy people are well-educated and highly intelligent. Therefore, they will often rely on their intelligence or “smarts” to achieve financial success.
Social Wealth = Relationships
Social wealth refers to relationships and social contacts. If someone is socially wealthy, it means they have the ability to build and maintain meaningful relationships with others.
Socially wealthy people have many friends and colleagues and actively build a network of known individuals. What separates socially wealthy people from other groups is their goal of continuously expanding their list of friends and known associates.
Social wealth can be used for financial gain, as socially wealthy people leverage these connections to advance their careers or achieve other goals.
Emotional Wealth = Mental and Emotional Well-Being
Emotional wealth is another type of wealth different from the rest. This type of wealth refers to the mental and emotional well-being of individuals.
What separates emotionally wealthy people is the ability to lead a healthy life with a positive outlook. In addition, a core characteristic of emotionally wealthy people is resilience. Namely, these people can better cope with the challenges and difficulties life throws at them.
Emotional wealth is often essential for achieving other types of wealth.
Spiritual Wealth = Spirituality
Spiritual wealth refers to having in abundance something larger than yourself. In the traditional sense, spiritual wealth gives meaning to higher powers.
Traditional wealth is connected with religion or another spiritual belief system. Spiritually wealthy people are well aware of the things surrounding them. Spiritually wealthy people find peace, purpose, and fulfillment in their lives by believing in a higher power.
Those are the six types of wealth we often come across. People will always strive for any of the before-mentioned types of wealth. For many, wealth is measured in money. For others, it’s measured in having more friends, rich spiritual beliefs, being emotionally prepared for life’s most significant challenges, or they have an entirely different definition of wealth.
We achieve different things depending on the type of wealth we focus on. While most people focus on accumulating financial wealth, some prioritize emotional or spiritual well-being.
Ultimately, the most important thing is finding what brings you joy, fulfillment, and a sense of purpose.