This word was voted most beautiful German word in the competition organized by the Goethe Institute and the German Language Council. 'Belongings' doesn't even come close as an English translation.
The word doesn't signify ownership or wealth of a person. However, it does refer to his possessions and does it in a friendly and compassionate way. Typical for those with these kinds of possessions would be a six-year-old child who empties his pockets to take joy in what he has collected.
Or the word can be seen from a more pitiful side. It can express the few belongings that someone who has lost his home has and how he has to transport them to whatever shelter available.
Full article @ Deutsche Welle.