I appreciate the effort he put into his video, and if he is an investment advisor, I can understand his focus on net worth, as he has an interest in getting to invest that money. But I think it would be a mistake to entirely disregard income. If a 65 year old married household had two secure pensions totaling $150k per year, they could live a pretty darned good life, even if they had minimal net worth. Especially if they also have social security coming in.
I agree with Gumby on this. If you've got a pension or any type of lifetime annuity that generates a stream of income. That should add to the definition of 'wealth'.