Question

3 Difference between private wealth and national wealth
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Answer 1

Answer:

Private riches “consist of all that man desires as useful or delightful to him; which exists in a degree of scarcity” (1819, p. 58). This is the same as other economists' definitions of wealth based on exchange value. Public wealth “consists of all that man desires, as useful or delightful to him”

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Answer 2

Answer:

Private wealth management refers to investment management and financial planning for individual investors. The private wealth sector has grown considerably as global wealth has increased and as individuals have taken on more of the responsibility for managing their own financial resources.

National wealth is to be understood as comprising the assets of the residents within the national territory. This is based on the ownership of economic assets that may be the subject of transactions. It does not include historic monuments, for example.