The following is a long explanation, however my simple understanding of the difference is: "wish" is used when we 'want' (as Phil said) something, but it is impossible, e.g., I wish I were taller, and "hope" is used when we want something that is possible (something that we could expect (as Phil said), e.g., If I do good work, I hope I will get a raise in my salary. ***************************************** WISH AND HOPE wish -desire Take ,for example, the usual wish spoken at Christmas : I wish you a Merry Christmas !.. that means: My desire is that you have a merry Christmas! I wish he would get better - My desire is that he gets well. He doesn’t feel well now and my strong desire is that he gets better soon. hope - expectation I hope he will get better - I expect that he will get better. I think that when a speaker uses "hope", his implication [of the speaker] is more profound. An interpretation for "hope": If someone says " I hope you have a Merry Christmas!" it may mean that you did something wrong and upset that person who thinks you don’t deserve a merry Christmas e.g. It is Christmas Eve. You threaten somebody pointing a gun at him. The police come and arrest you. You are in jail. The victim visits you [ or a victim’s relative comes] and says or wishes you ironically : "I hope you have a Merry Christmas!" and he gets out of the room. How do you feel then? Did you get my point? Well, this is one of the many interpretations we can find for "hope" =======================================================

HOPE In terms of meaning, hope and wish are very close to each other. However, ‘hope’ suggests more probability. Use ‘hope’ when there is hope (a chance / it’s possible) for something to happen. Use ‘wish’ in situations, which are imagined, impossible or hypothetical. There is no negative meaning attached to ‘wish’, and no positive meaning attached to ‘hope’. However, when we say: “I wish you were here” we are primarily expressing a wish, a desire. Whereas when we say: “I hope you will be here” we are expressing an expectation. We say “I hope” because we know or feel that there is a good chance that “you will be here.” In other words, it is quite possible that “you will be here”, hence the verb “hope”. Hope for something which is possible and probable. Wish for something which is not likely to happen or something which is impossible. It is possible to say: I wish I could grow wings and fly. However, it would make no sense to hope for those wings to grow because everyone knows that you will not grow wings. So we would not say: “I hope I will grow wings and fly.” We use 'hope' to express a wish/desire/aspiration that has a good chance of being true. • I hope you will be successful. • We hope the phone lines are clear next Saturday. • We all hope that we will find happiness. • We hope the weather will be good tomorrow. We use 'wish' to express a hope/desire/aspiration that seems to be unlikely (i.e. not much chance or even zero chance) • I wish I were taller. • We wish the phone lines were always clear. • You wish you were richer. • Everyone wishes for world peace.

This site would be helpful: http://englishhelponline.me/2010/03/03/the-difference-between-words-wish-and-hope/

They are very similar. In your example, "wish" means the same as "want," while "hope" "would" be more like "expect."

They are pretty much interchangeable in the sentence you gave.