An asset is an item that is invested in with the intention of gaining future benefits from it. An asset can be any item that holds monetary value. Any individual or organisation can own an asset that promises them a future financial benefit or a stream of income.
Assets can be tangible or intangible. For instance, land is an asset as it can be loaned out in exchange for rent. Similarly, a patent, which is intangible, can also be considered as an asset as it provides monetary value to the owner of the patent.