Wikipedia defines asset as: Assets REPRESENT ownership of value that can be converted into case. Assets are a placeholder, substitute for value. Bouvier's Law Dictionary (1856) defines asset as follows: Notice all the functionaries mentioned i.e. heir, executor, and administrator are synonyms for trustee. Assets are held in a trust corpus (body). In conclusion, what would be wealth? Wealth, as defined by me, is the surplus of assets over and above any outstanding liabilities an entity may possess. Assets can be converted into cash if and when needed.