Wax – (n) Substance made by bees; (v) To increase incrementally in repetitive consistent stages.
God used this word, in both senses, and in its various forms 76 times in Scripture: 61 times to Israel in their Masoretic Text Old Testament; 6 times to Israel in their Koine Greek Old Testament (Matthew – John); 2 times to the Body of Christ in the transition book of Acts; 3 times to the Body of Christ in the Gospel of Grace (Romans – Philemon); and 4 times to Israel in their tribulation books (Hebrews – Revelation)
The verb Wax is in the sense of making a candle by repeatedly dipping a wick in hot wax; it is the result of a process of a consistent repeated action.
When something grows, it increases by expansion; the process of consumption and metabolism.
You can also increase things, like wealth or a structure, through the process of assimilation or construction. If wealth, power, etc. is increased incrementally through repetitive consistent actions, then you are waxing wealthy, waxing powerful, or etc.