1. That person must know a lot; but more importantly, the knowledge must be about things that matter. Knowing a great deal about inconsequential things will not earn many merit badges for wisdom. Instead, know a lot about important things.
2. Know how things work. Know about not just what things are--how big, strong, tall, hot, or cold--but how they operate. Know how things, events, people, and societies function. Anatomy is not enough. Know how the world works.
3. Know how the world works over time. Having a snapshot of places, people, or events at a single moment is not very revealing. Develop an expert knowledge system of how the world works over time. (i.e. the development of a culture, or a certain system of beliefs?)
4. Develop a priority system that allows you to see the world through other people's eyes. Know that what seems important to you at this time may be quite different from what another person from a different time or culture deems significant. (this one is means a lot to me as it comes up a lot)
5. Have a tolerance of complexity and ambiguity. Recognize that many situations exist for which there is no ideal solution--only the best for the particular situation--and that the best solution may be different tomorrow.
One could reference these as the five pillars of wisdom, as I'm sure one or all of these come up in all of our daily lives. To adhere to these is a continuous work in progress, as things of this nature are dynamic. As such, they are to be in a state of perpetual positive progression to acheive optimum life satisfaction.
This explains why the people we look to as "wise" seem so fulfilled. :-)