Reflections on reclaiming the meaning of wealth and redefining prosperity.

I bet if I were to ask the average person on the street to define what it means to be wealthy they'd firmly link the term to financial gain. But did you know that the word originated from an old English word, 'weal' or 'wela' that means 'welfare or wellbeing'. I didn't, until fairly recently.

I’d never actively dissected the concept of wealth, wealth creation or of prosperity, until t I worked for an Asset and Wealth Management firm, JP Morgan. Before then, my understanding of wealth was shaped by the concept of financial freedom and the basics of financial literacy — principles my parents instilled in me and insights I gathered through self-education. Reading books like Rich Dad, Poor Dad. This classic book gave me a foundational understanding of assets, liabilities, and the building blocks of financial security.?

Over the past couple of years, my understanding of wealth and prosperity has evolved, gaining nuance and depth. Life’s fragility has a way of sharpening one’s perspective, and it has certainly done so for me. In this article, I hope to explore why it’s more important than ever to redefine what it truly means to be wealthy. I want to acknowledge that I’m writing this from a place of relative contentment, which could be misconstrued as smugness, but I assure you that’s far from my intention.

The Etymology of Wealth: Rediscovering Its True Meaning

My perspective on Wealth profoundly shifted when I discovered that the word wealth originates from the Old English word weal, meaning welfare or wellbeing. This original meaning reflects a holistic view of prosperity that encompassed the health, happiness, and harmony of individuals and communities. By the 15th century, however, the meaning of wealth narrowed to focus on material riches, a shift that tells us much about the evolution of society and its priorities.

This change in meaning likely reflects historical and cultural developments. The rise of trade, commerce, and early capitalism during the medieval and Renaissance periods placed a growing emphasis on material goods and financial success as markers of power and status. The Industrial Revolution further entrenched this perspective, as economic growth and material production became central to societal progress. Over time, the broader, more inclusive understanding of wealth as wellbeing was overshadowed by a fixation on accumulation and individual financial success.

Reflecting on this etymology reshaped my understanding of success—not merely as the pursuit of resources but as the ability to thrive holistically in health, relationships, and purpose. It’s a timely reminder, particularly at the start of the New Year, to rebalance our priorities and redefine what truly matters. Perhaps reclaiming the original meaning of wealth can guide us toward a more sustainable and fulfilling life, where success is measured not only by what we have but by how well we live and how deeply we connect with others.

This broader definition invites us to think differently about prosperity. Imagine a world where conversations about wealth included discussions of mental and physical health, the strength of our communities, and the joy found in meaningful relationships. By expanding our perspective, we might find ourselves on a path to a more balanced and truly enriched life.

Wealth and Community: An Inseparable Connection

Over time, society has equated wealth with financial freedom, but can we truly call ourselves wealthy if we lack a sense of community? Studies consistently show that strong social bonds are more critical to happiness and wellbeing than material success. For instance, Harvard’s longest-running study on human happiness - The Adult Development Study highlights that meaningful relationships, not financial wealth, are the greatest determinant of life satisfaction.

A recent conversation with a friend definitely reaffirmed this belief. My friend had moved to a new, affluent neighborhood in the U.S., drawn by promises of good schools and opportunities. Yet, what they missed most was the deep sense of community they had left behind—an intangible but invaluable form of wealth. This begs the question: What sacrifices are we making in the pursuit of material gain, and what would it mean to balance financial success with a thriving community?

True Wealth: Beyond Financial Prosperity

Returning to the roots of the word wealth, it is clear that wellbeing and community are intertwined. A thriving community provides support, shared purpose, and belonging—things that money cannot buy. True wealth integrates financial freedom with physical health, emotional wellbeing, and social connection. I get this by being part of a thriving church community. A close-knit group of individuals with a shared purpose and common values is a cornerstone of my support system, especially during challenging times. While none of us are perfect—and that imperfection can bring its own complexities—our shared commitment to each other forms the foundation for trust and understanding. For me and my family, this community is truly invaluable, offering not only support but also a sense of belonging and resilience.

Imagine if we redefined wealth not by how much we own, but by how well we live. Such a shift could revolutionise the way we run businesses, fostering cultures that prioritise purpose, connection, and sustainability over pure profit. It could reshape how we interact at work, emphasising collaboration, empathy, and mutual growth rather than competition. And it could transform how we invest in ourselves, prioritising health, relationships, and personal fulfilment as the true markers of success.

Without wellbeing and community, financial wealth becomes a hollow pursuit—an empty shell devoid of meaning. True prosperity lies in a life rich with purpose, thriving relationships, and a deep sense of belonging. This redefinition of wealth is not just an individual mindset shift but a collective opportunity to create a more meaningful and equitable world.

Why This Matters for Business

In my work advising health and wellness founders and small business owners, I’ve seen how prioritising wellbeing fuels long-term success. Businesses that centre the health of their leaders, teams, and customers build stronger foundations for sustainable growth. Community amplifies the impact of financial wealth by fostering collaboration, mutual growth, and collective wellbeing.

A Question for You

As you reflect on your own definition of wealth, ask yourself: Who are the people contributing to your sense of wellbeing? How might deepening those connections this year, enhance your ability to live well—not just financially but holistically?

Our shared definition of wealth should no longer just about what we own; it’s about what we share, the communities we build, and the legacies we leave behind.