What is Wealth?

I am always being asked this question. Different people define wealth differently. From wealth management angle, wealth is defined as net-worth. This is assets - liabilities. There are many people whom I work with have plenty of assets but are in negative net-worth. This is due to the liabilities they have taken up while acquiring these assets. In my professional observations, in most un-planned situations, it is very easy to be caught in the negative net-worth trap because of the temptations around us.