In sociology, what refers to the value of everything a person owns?

In sociology, the term that refers to the value of everything a person owns is wealth. Wealth encompasses all assets that an individual possesses, including cash, property, investments, and other valuable items. It represents accumulated resources and financial stability, distinguishing it from income, which refers to the flow of money generated from work, investments, or other sources over time. The concept of wealth is critical in understanding social stratification and inequality, as it illustrates how resources are distributed among individuals and groups in society. By focusing on wealth, sociologists can analyze the implications of economic disparities and their impact on social status and opportunities.

While net worth could also come to mind, it is defined specifically as total assets minus total liabilities, ultimately reflecting an individual's financial health. Assets, on the other hand, refer to the specific items of value that contribute to one's wealth but do not encompass the total valuation of a person's holdings. Thus, wealth stands out as the most encompassing term in this context.