Which statement correctly describes 'wealth'?

Wealth is best described as the total value of owned assets. This definition encompasses all forms of material possessions that an individual or household owns, including real estate, stocks, savings, and personal property. Wealth is a snapshot of accumulated resources at a given point in time rather than a measure of income flow or economic activity over a period.

Unlike the flow of money over time, which refers to income and expenditures, wealth focuses on the aggregation of valuable resources that contribute to financial security and economic power. It is not temporary, as it represents a lasting accumulation of value rather than a fleeting economic gain. Additionally, while societal contributions can indicate wealth in terms of resources allocated for public benefits, they do not capture the individual ownership aspect that characterizes wealth. Thus, the statement that aligns with the comprehensive understanding of wealth as it relates to sociology is one that focuses on the total value of owned assets.