The phrase is often used in business or social contexts to describe significant individuals. At the fundraiser, the room was full of men and women of substance.
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Not Just Wealth
It implies respect for their capabilities or achievements, not just their financial status. Despite her wealth, she is considered a woman of substance for her philanthropy.
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Powerful Connotation
The phrase conveys a strong positive feeling and is used to express admiration. The visiting diplomat was truly a man of substance.