Codenstuff.com

       Dim spaceArray As String() = RichTextBox1.Text.Replace(vbLf, " ").Split(" "c)
        Dim wordcount As Integer = 0
        For i As Integer = 0 To spaceArray.Length - 1
            If spaceArray(i).Length > 0 Then wordcount += 1
        Next
      Label1.Text = "Words: " & wordcount

Public Class Form1
    Private Sub RichTextBox1_TextChanged(ByVal sender As System.Object, ByVal e As System.EventArgs) Handles RichTextBox1.TextChanged
        Dim wordcount As Integer
        Dim num As String() = RichTextBox1.Text.Split(" ")
        wordcount = num.Length
        Label1.Text = "Words:  " & wordcount
        If RichTextBox1.Text = "" Then
            Label1.Text = "Words: 0"
        Else
            Label1.Text = "Words:  " & wordcount
        End If
    End Sub
End Class