In my opinion, being rich is about how much money you can gather in earnings from different sources, and being wealthy is how much you can utilize, invest, manage and preserve those diverse earnings.
We all have definitions of being rich and being wealthy. I like and adopt these definitions that I saw online
Being rich is having money, being wealthy is having time
. You may have all the money in the world, but if you have no time for what's valuable, then you are considered lonely and poor.
There's nothing like living a simple life, modest earnings, and a modest lifestyle are a key to long life and good health. I have seen people working hard to make money only to end up miserable because they don't have time to have real human relationships.