One of the general rules of Islam states that wealth belongs to Allah and people are entrusted with it and that wealth must not circulate only among the rich. Islam forbids the act of hoarding wealth without giving the poor and the needy a small share of it through Zakah, which is an act of worship that helps man give preponderance to sacrifice and giving out over stinginess and miserliness.
Allah Almighty said:
{Whatever gains Allah has bestowed upon His Messenger from the people of the towns belongs to Allah and the Messenger, and to his close relatives, orphans, the needy, and stranded wayfarers, so that wealth should not circulate only among those of you who are rich. Whatever the Messenger gives you, accept it, and whatever he forbids you, refrain from it. And fear Allah; indeed, Allah is severe in punishment.} [184] Surat al-Hashr: 7.
{Believe in Allah and His Messenger, and spend [in Allah’s cause] out of what He has entrusted you with. For those among you who believe and spend, there will be a great reward.} [185] Surat al-Hadīd: 7.
{...Those who hoard gold and silver and do not spend it in the way of Allah, give them tidings of a painful punishment.} [186] Surat at-Tawbah: 34.
Also Islam encourages all people, who are able, to work.
Allah Almighty said:
{It is He Who made the earth smooth for you, so travel through its regions and eat from His provisions. And to Him is the resurrection.} [187] Surat al-Mulk: 15.
Islam, in reality, is a religion that appreciates work and Allah Almighty commands us to adopt Tawakkul (reliance on Allah) rather than Tawākul (to depend on Allah inactively). Tawakkul requires determination, diligence, and utilization of the available means, followed by submission to the decree and judgment of Allah.
The Prophet (may Allah's peace and blessings be upon him) said to the one who wanted to leave his she-camel loose as an expression of his reliance on Allah:
"Tie it up and then rely (on Allah)." [188] "Sahīh at-Tirmidhi".
This is how the Muslim achieves the required balance.
Islam has forbidden extravagance and has raised the individuals' level to control the standard of livelihood. However, it should be noted that richness in Islam does not just mean the fulfillment of essential needs; rather, it means possessing food, clothes, habitation, and the necessary means to get married, perform Hajj, and give charity as well.
Allah Almighty said:
{And those who neither spend wastefully nor stingily, but are moderate between them.} [189] Surat al-Furqān: 67.
In the sight of Islam, the poor person is the one who fails to achieve a standard of living that satisfies his essential needs according to the standard of living in his country. The higher the living standard is, the wider the actual meaning of poverty becomes. So, if it is common in a certain community that every family owns an independent house, then, failing to possess an independent house becomes a form of poverty. Consequently, balance means granting each individual, Muslim or Dhimmi, sufficiency in a way that fits the society's resources at that time.
Islam guarantees fulfilling the needs of all society members through public solidarity, as Muslims are brothers and it is obligatory upon them to support one another. Hence, it is the Muslims' duty to make sure that none among them is indigent.
The Prophet (may Allah's peace and blessings be upon him) said:
"A Muslim is a brother of another Muslim, he neither wrongs him nor does he hand him over (to one who does him wrong). Whoever fulfills his brother's needs, Allah will fulfill his needs; and whoever relieves a Muslim of his troubles, Allah will relieve him of one of the troubles of the Day of Judgment; and whoever covers up (the fault of) a Muslim, Allah will cover him up on the Day of Judgment." [190] "Sahīh al-Bukhāri".