What does wealth represent in sociological terms?

Wealth, in sociological terms, represents the total assets owned by an individual or household. This encompasses not only cash and savings but also property, investments, and other valuable items. While annual income reflects the flow of money received over a period of time, it does not account for the overall financial stability and resources that wealth provides.

Examining wealth allows sociologists to explore social stratification, as it reflects the accumulated resources that can influence an individual's or group's social status, access to opportunities, and overall quality of life. It also encompasses the potential for intergenerational wealth transfer, which can perpetuate social inequalities. Understanding wealth in this broader context highlights its role in shaping social relations and structures, making "total assets owned" the most accurate representation in sociological discussions.