INCOME AND WEALTHINCOME – total amount of money received by a person or household during a given time period (usually a year). Consists of:
wages or labor earnings (about two-thirds of personal income),
property income such as rents, interest, and dividends (particularly important for high-income groups),
transfer payments or receipts from the government, such as social security or unemployment insurance. WEALTH – consists of the net euro/crown value of assets owned at a point in time
In a household’s wealth is included:
tangible items (like houses, cars and other consumer durable goods, and land),
financial assets (like cash, savings accounts, bonds, and stocks).