What term is used to describe the wealth or personal comfort of individuals or groups?

The term that describes the wealth or personal comfort of individuals or groups is "Standard of living." This concept encompasses not just the income level, but also the overall quality of life that can be afforded based on economic factors. It relates to the material well-being, including access to necessities such as adequate housing, nutritious food, healthcare, education, and leisure activities. A higher standard of living indicates that individuals or groups can enjoy a comfortable lifestyle with access to these essentials and more.

While "Quality of life" refers to general well-being and encompasses more subjective elements like happiness and fulfillment, "Economic status" emphasizes financial conditions but may not fully reflect the comfort or wealth aspect. "Social equity" focuses on fairness and justice within a society, rather than individual wealth or comfort. Thus, "Standard of living" is the most precise term to capture the economic well-being and comfort experienced by individuals or groups.