The article explores how wealth, specifically housing and financial wealth, influences personal consumption in 16 countries. The researchers found that on average, people tend to spend about 5 cents out of every dollar of their total wealth. However, this effect varies across countries, with some showing stronger wealth effects than others. In market-based economies like the US and the UK, housing wealth has a bigger impact on consumption than financial wealth. Interestingly, the influence of housing wealth on consumption has increased significantly since 1988, making it easier for people to borrow against their homes.