Acharya Prashant explains that the common conception of wealth is based on accumulation and possession, such as money, relationships, reputation, and social credit. He points out that this notion of wealth is something acquired from the outside and is driven by societal conditioning. Society tells an individual that life is worthless without these acquisitions and that only society can provide them, which effectively turns the individual into a slave to external forces. This pursuit of external wealth stems from a deep-seated belief that one's life has no inherent value, leading to an incessant and insecure chase for more possessions.