Six Types of Wealth – And One Bonus

As a typically rational Dutch guy, I tend to avoid esoteric concepts. But a recent edition of the excellent Only Dead Fish newsletter got me thinking. It listed six types of wealth—Money, Time, Relationships, Health, Knowledge, and Experiences—which sparked a question: do we have our priorities straight? Spoiler alert: probably not.

It probably says a lot about the world that we immediately associate wealth with money and asset ownership. We measure a country’s success by its GDP (gross domestic product), a very one-dimensional and highly debatable metric. Professor Mariana Mazzucato has shown that GDP fails to capture the true value of public services like government and healthcare. It doesn’t account for voluntary work either—so if no money changes hands, does that mean it has no value? Strange, when you start to think about it.

This narrow definition of wealth will be under threat anyway in the coming years. I just finished the excellent book A World Without Work by Daniel Susskind. He argues that the current wave of artificial intelligence (AI) could reduce jobs so significantly that we see structural unemployment on a massive scale. The labor market would lose its monopoly on distributing wealth across society, leaving large groups without access. A scary thought.

That would mean we need to rethink what wealth really is. Time is a crucial one: we never seem to have enough of it, and work often takes priority over leisure. But if AI leads to fewer jobs, we might have more free time anyway—more time for voluntary work, hobbies, and pursuits that aren’t paid but still bring value.

There’s another side to time, too. Careers used to start in our early twenties and last four decades. But as we live longer and stay fitter, pension systems are struggling—fewer workers are supporting more retirees. That’s why retirement ages are creeping up (in Germany, it’s now 67.5 years, I believe). So maybe waiting until old age to enjoy leisure time isn’t the best idea. Increasing numbers of people take sabbaticals; I took several four-month trips through Latin America around my 50th, while still in good physical shape.

Relationships are another form of wealth, and I wouldn’t limit this to romantic ones. Friendships and strong social circles are known to increase longevity, improve health, and keep the mind sharp.

Which brings us to health itself. Again, a cliché, but without it, all the other types of wealth become irrelevant. I learned this firsthand when I was diagnosed with testicular cancer at 30—suddenly, even short-term plans like concerts or festivals became impossible. When the foundation of your life collapses, the entire house of cards comes down. So staying healthy is a top priority for me. On a side note, the pandemic helped in this regard: remote work improved my work-life balance, reduced stress, and allowed me to jog three times a week during daylight hours.

Knowledge is another form of wealth. Economists might call it "human capital," but that term feels too cold to me. For me, lifelong learning is essential—my personal mission is to never repeat myself, always seek new knowledge, and embrace new experiences. It requires energy, but it’s also fun. And on a professional level, it’s necessary: without continuous learning, you risk becoming obsolete in the job market, as Susskind warns in A World Without Work.

Experiences, already mentioned, are perhaps the most valuable form of wealth. I’d argue they belong at the top of the list. Money provides security and enables some of these other forms of wealth, but in the end, experiences and memories form the backbone of a meaningful life.

Esoteric? Maybe. But also a valuable reminder that life is more than money. The Danish call it hygge—a sense of coziness, contentment, and well-being.

I’d also add joy and fun to the mix. Maybe that’s a topic for another post. For me, creative side projects bring that joy—whether it’s writing books about German football or working on hilariously overambitious ideas. Some will fail, some might succeed, but they all make life richer. And in the end, isn’t that what wealth is really about?