Simply put, you can’t have wealth without assets, therefore you must have assets in order to have wealth.
Everyone has assets, whether they are limited to the clothes on your back and the lint in your pocket or they include a house on the ridge with a million dollar view. Everyone has assets.
Wealth is that which exists beyond everyone (any person who has assets). Wealth is created when an asset increases in value. Wealth is structured when it increases in value without introduction of new assets.
Wealth is institutionalized when it can be placed more than one generation into the future.