Question

Explain the various types of wealth.

Answer 1

The four types of Wealth are:

1. Personal wealth: this type of wealth is personal to an individual. It can be the land, property he owns or the education and values he has.

2. Social/Collective wealth: these are the goods/ services that are enjoyed collectively by the people of a society or community. It can be public goods, roads, schools, etc.

3. National wealth: it is the sum total of the individual wealth and social wealth of a nation. It includes all kinds of public and private property.

4. Cosmopolitan wealth: it is the collective wealth of the entire world. It does not particularly belong to one country. It belong to everybody, every nation. Like the oceans, knowledge.