Asset. If something is an asset, it adds value. An asset is a noun in the form of a descriptive person place or thing with perceived value to another who owns, has access to, or is the beneficiary of the asset. Assets can be people, places, or things. An asset can be part of or of the whole of an entity or item considered beneficial. Think property owned that generates income, a family member or person you work with who can be trusted to know how to do their job well, a quality like high IQ or high EQ, or a physical feature of a body that makes someone especially useful and or attractive.