“Richness typically implies high income or flashy possessions, while true wealth represents financial stability, freedom, and long-term security,” he explained. In contrast, a wealth-minded individual would spread income streams and investments across various asset classes like stocks, bonds, real estate and perhaps a small allocation to higher-risk investments. Wealthy individuals, on the other hand, focus on growing their asset base and ensuring their net worth increases year over year, even if it means sacrificing some immediate income.