Is education/knowldge the formula for wealth?Watch
No, of course not. First, wealth has no unanimous formula. Heck, it doesn't even have a commonly agreed upon definition- some may speak of money, others of love etc. For this question, however, I guess you're asking about monetary wealth, so I'll answer from that standpoint.
Education and knowledge are two completely different things. I could be an educated fool or an uneducated genius. On its own, education guarantees nothing- unless it is taken by the recipient. I could be in the best of schools and still gain nothing. I could also be knowledgeable, have a meager education and make my way in the world. However, education is a part of a larger concept: brand value. Despite how knowledgeable I am, I'm much more likely to be employed if I come from a well-recognized university. Education is also something of a joint marketing benefit- if I attend Harvard, I will be in the company of America's richest- this means that I have more rewarding (financially) networking opportunities, more privilege than someone from a community college; even though they may be more knowledgeable than I am, my education (not necessarily knowledge) has granted me opportunities that they did not have.
Wealth and education are often a self-reinforcing loop- the wealthy can usually afford a good education, and those with a good education are more likely to get a good job and so fuel the loop.
This analogy should help me make my next point: a musical instrument, on its own, has only potential. But when someone plays it, when someone uses it, it becomes valuable. The main concept here is that of functionality; knowledge isn't much of an asset unless it's used.
Knowledge is also a broad term- what you need is specialized knowledge. If I want to start a business, I need to know how to organize resources. My knowledge of ocean trenches, while fascinating and possibly insightful, is of less value here (but definitely not useless; knowledge of any sort is never useless, it just needs to be used aptly.)
A lot of people have knowledge, they just don't (or don't have the means to) apply it and make their knowledge profitable. This is where education fits in. What I said earlier about education and networking is an argument which cuts both ways. If I do have the knowledge, but lack the means, then if I also get a good education (using the Harvard example above), I can network (here, networking may be viewed as one of the means in making my knowledge profitable.)
To conclude a long but unfinished post: Clearly, wealth requires some form of proactive action- even those who have been born wealthy must ensure that they do not lose their wealth. Knowledge is a necessity, but not the sole necessity- it must be applied for it to translate into monetary wealth. Education, at its best, provides the means to facilitate this application of knowledge. At its worst, it acts as a perpetrator of the vicious cycle which makes the rich richer.