Legal Definitions - wealth

Definition: Wealth refers to a large quantity of something or the state of having abundant financial resources, also known as affluence.

Example: A person who owns multiple properties, expensive cars, and has a lot of money in the bank is considered wealthy.

Explanation: The example illustrates the definition of wealth as having abundant financial resources. The person in the example has a large quantity of assets and money, which makes them wealthy.

Additional Example: A company that has a lot of valuable patents and trademarks is considered wealthy because they have a large quantity of valuable intellectual property.

Explanation: This example illustrates the first definition of wealth as a large quantity of something. In this case, the company has a large quantity of valuable intellectual property, which makes them wealthy.

Related Term: Wealth Maximization refers to a situation where a change in resource allocation benefits the winner more than it harms the loser. This situation is described as Kaldor-Hicks efficient or potentially Pareto superior.