Which statement BEST describes the difference between wealth and income? Income is the accumulation of economic assets, and wealth is what an individual earns over time. Wealth is the total amount of money earned in a year by an individual, and income is the total value of an individual’s possessions. Wealth is the accumulation of economic assets, and income is what an individual earns over time. Income is the total amount of money earned in a year by an individual, and wealth is the total amount of money earned in a lifetime.
