With this volume, Where Is the Wealth of Nations? the World Bank publishes what could be termed the millennium capital assessment: monetary estimates of the range of assets—produced, natural, and intangible—upon which development depends. While important gaps remain, this comprehensive snapshot of wealth for 120 countries at the turn of the millennium aims to deepen our understanding of the linkages between development outcomes and the level and composition of wealth.
The wealth estimates suggest that the preponderant form of wealth worldwide is intangible capital—human capital and the quality of formal and informal institutions. Moreover, the share of produced assets in total wealth is virtually constant across income groups, with a moderate increase in produced capital intensiveness in middle-income countries. The share of natural capital in total wealth tends to fall with income, while the share of intangible capital rises. The latter point makes perfect sense—rich countries are largely rich because of the skills of their populations and the quality of the institutions supporting economic activity.