Win a million dollars: you're RICH.
Build and multiply a million dollars: you're WEALTHY.
Many people see the words rich and wealthy as having similar meanings. Rightly so, they both signify an abundance of some sort, particularly in possessions of value. However, I associate the two words to different states: physical and mental. I personally associate being rich as a physical state and being wealthy as a mind state. To me, being rich doesn't entail that one is wealthy. The reason for such a distinction is that to have wealth is to have a certain mentality. Many people have come into large sums of money or possessions of value only to lose it all in the blink of an eye. Some may point to such events as the economic downfall that is sweeping throughout the world, but aside from that, many of such loses can be attributed to people's lack of knowledge and discipline which contributes to the carelessness that is displayed.
On the other hand, wealthy people have those two very important traits, knowledge and discipline, to allow their money to work for them. Wealthy people can lose all their riches and find their way back to the top because they developed the process of wealth building. They turn their fears into their greatest assets and they capitalize on what others are afraid to take a chance on.
If you turn on the tv, the radio, or the internet, pay close attention to people that you consistently see in the media. Rich people talk about spending money. Wealthy people talk about building money. The difference is the mentality.