Blessed with not as much (4)
I believe the answer is:
less
'not as much' is the definition.
(similar in meaning)
'blessed with' is the wordplay.
'with' indicates a hidden word.
'LESS' can be found hidden inside 'blessed'.
(Other definitions for less that I've seen before include "more, as they say" , "Fewer in number" , "So-called St James" , "Fewer; minus" , "Wanting" .)