This teaching is from the section The Planes of Realization of “In the Buddha’s Words” by Bhikkhu Bodhi.

The Buddha explains that even a Wheel-Turning Monarch, if not endowed with four qualities, is not freed from hell, the animal realm, the ghost realm, and the lower realms. On the other hand, a noble disciple, endowed with four qualities, is freed from these states.

At Sāvatthi.

There, the Blessed One addressed the bhikkhus, “Bhikkhus.”

“Venerable sir,” those bhikkhus replied to the Blessed One. The Blessed One said this:

"Bhikkhus, even if a Wheel-Turning Monarch, having ruled the four continents, after the break-up of the body, upon death, is reborn in a good destination, in the heavenly world, in companionship with the deities of the Thirty-three, where he enjoys himself in the Nandana Grove surrounded by a group of celestial nymphs, delighting in the five kinds of heavenly sensual pleasures, yet, if he is not endowed with four qualities, he is still not freed from hell, not freed from the animal realm, not freed from the ghost realm, and not freed from the states of misery, bad destinations, and the lower realms.

On the other hand, bhikkhus, even if a disciple of the noble ones lives off alms food, wears ragged robes, and is endowed with four qualities, he is freed from hell, freed from the animal realm, freed from the domain of ghosts, and freed from the states of misery, bad destinations, and the lower realms.

What four? Here, bhikkhus, a disciple of the noble ones is endowed with experiential confidence in the Buddha: ‘Indeed, the Blessed One is the Worthy One, perfectly enlightened, accomplished in wisdom and conduct, well-gone, knower of the world, unsurpassed leader of persons to be trained, teacher of gods and humans, enlightened, blessed.’

He is endowed with experiential confidence in the teachings of the Buddha: ‘Indeed, the Dhamma is well proclaimed by the Blessed One, directly visible, immediate, inviting verification, leading onward, to be personally experienced by the wise.’

He is endowed with experiential confidence in the Sangha: ‘Indeed, the Sangha of the Blessed One’s disciples is practicing the good way, practicing the upright way, practicing the knowledgeable way, practicing the proper way; these are the four pairs of persons, the eight types of individuals - this Sangha of the Blessed One’s disciples is worthy of gifts, worthy of hospitality, worthy of offerings, worthy of reverential salutation, the unsurpassed field of merit for the world.’

He is endowed with beloved noble virtues, unbroken, unblemished, unspotted, untarnished, leading to collectedness (concentration [samādhi]).

Thus, he is endowed with these four qualities.

Bhikkhus, the acquisition of the four continents cannot equal even a sixteenth part of the acquisition of these four qualities.

This is a teaching that one can verify after a period of time as one is practicing per the Gradual Training Guidelines (MN 107) by reflecting on the discontentment that has been eliminated from the mind. For one that attains stream-entry, the discontentment that has been eliminated is a very significant amount, and such an individual slants, slopes and inclines towards Nibbāna.

What the Buddha is sharing relating to the aspect of rebirth, however, is something one can verify if one intends to once their practice is further along. If one has no experience wrt rebirth, accepting it as being provisionally true can be beneficial, or one can choose to not form any view on it. In this way, if such an experience arises at some point in one’s practice, one can maintain steadiness of the mind.

Related Teachings:

What is the stream and who is a stream-enterer (SN 55.5) - A dialogue between the Buddha and Sāriputta on the four factors for stream-entry: 1.) association with good people, 2.) hearing the true teaching, 3.) wise attention, and 4.) practice in accordance with the teaching. Sāriputta also defines the “stream” and the “stream-enterer” and the Buddha approves of his answer.

A small amount of dust on the tip of a fingernail (SN 13.1) - For someone who has seen the truth of awakening, the suffering eliminated is like the great earth; what remains is like the dust on the tip of a fingernail.

Entering the Fixed Course of Rightness (SN 25.1) - An individual who either has faith and/or conviction in the Buddha’s teachings or has cultivated a partial degree of wisdom through independent verification, will not die without having realized the fruit of stream-entry.