Wealth is defined as an abundance of valuable material possessions or resources, which can be further divided into two categories: tangible and intangible assets.
Tangible assets are things you can touch or see - money, your house, or land. If you use these to estimate your wealth, you’ll also want to calculate your net worth—the value of what you own minus your liabilities.
Intangible assets, on the other hand, are those that are not physical by nature, meaning they have no shape or form. If you own a business, these can include your company name, logo, licenses, brands, goodwill or any intellectual property.
While intangible assets don’t physically exist, they still have monetary value because they represent potential revenue. Commonly owned by businesses, intangible assets can play a critical role in the long-term success or failure of their owner.