Explanation:
Income is the earned money that needs to be filed for income tax return. Income can be termed as wages, salaries and any cash received for work done.
Wealth is the net worth of an individual which is arrived after deducting all the payables. Wealth is also the stock of assets held by a person at a single point of time. The financial holdings and savings from income after meeting the expenses increases the wealth of a person or household.
Similarities are that both income and wealth are based on money value. When more income is earned more wealth can be accumulated.
