What Are Muslim Teachings On Wealth And Poverty?

Those endowed with extraordinary gifts (the wealthy) should make use of it in catering for the interest of others and for development. Keep in mind that nothing that we "own" is actually ours. It belongs to Allah (the One God). That money in your wallet is not yours, but rather God gave it to you (so use it wisely by putting it towards something good). Thus that means that the homeless man at the corner has a right to your hard earnings so be generous & trust that Allah will pay you back many fold, (if not in this life than the next).

Zakah is one of the 5 pillars of Islam. Enjoining Zakah (obligatory charity) on the rich;
to take a portion of their wealth and give it to the poor. The system of Zakah, set down by Islam, is just to help the poor find means of sustenance through what they receive from Zakah, be it in form of annual payments or through granting them permanent financial security.

One of the most important principles of Islam is that all things belong to God, and that wealth is therefore held by human beings in trust. The word zakat means both 'purification' and 'growth'. Our possessions are purified by setting aside a proportion for those in need, and, like the pruning of plants, this cutting back balances and encourages new growth. Each Muslim calculates his or her own zakat individually. For most purposes this involves the payment each year of 2 1/2 % of one's capital.

A pious person may also give as much as he or she pleases as sadaqa, and does so preferably in secret. Although this word can be translated as 'voluntary charity' it has a wider meaning. The Prophet said 'even meeting your brother with a cheerful face is charity.'

  The Prophet Muhammad (peace be upon him) said:

'Charity is a necessity for every Muslim. ' He was asked: 'What if a person has nothing?' The Prophet replied: 'He should work with his own hands for his benefit and then give something out of such earnings in charity.' The Companions asked: 'What if he is not able to work?' The Prophet said: 'He should help poor and needy persons.' The Companions further asked 'What if he cannot do even that?' The Prophet said 'He should urge others to do good.' The Companions said 'What if he lacks that also?' The Prophet said 'He should check himself from doing evil. That is also charity.'

The best thing I like about Islamic teachings on wealth and poverty is Zakaat. It is a rule that a rich and wealthy person is supposed to give 2.5% of his extra wealth to needy and poor people. This rule, if followed properly, can really help in elevating poverty from a society. Another great thing in Islam regarding poverty is that begging is strongly condemned. No matter how poor you are, you should not start begging and lose your self respect. You should always try to earn your living by working hard.
Third good thing is "Sadqa and Kheraat", which means that rich people are appreciated in Islam if they give money and other useful things to poor and needy people (other than Zakaat which is 2.5% of their extra wealth, and a must annual payment.)

Forbidden all unlawful money investments
enjoin Zakah on th rich and to take a proportion of wealth and poverty to give it to the poor

Giving zakah is one of the five pillars of islam
must be paid once a year if you van afford it ...