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“What is the net worth?”

Net worth is the value of all the non-financial and financial assets owned by an individual or institution minus the value of all its outstanding liabilities.

Individuals

For individuals, net worth or wealth refers to an individual’s net economic position: the value of the individual’s assets minus liabilities. Examples of assets that an individual would factor into their net worth include retirement accounts, other investments, home(s), and vehicles. Liabilities include both secured debt (such as a home mortgage) and unsecured debt (such as consumer debt or personal loans). Typically intangible assets such as educational degrees are not factored into net worth, even though such assets positively contribute to one’s overall financial position.

For a deceased individual, net worth can be used for the value of their estate when in probate.

Individuals with considerable net worth are described in the financial services industry as high-net-worth individuals and ultra high-net-worth individuals.

In personal finance, knowing an individual’s net worth can be important to understand their current financial standing and give a reference point for measuring future financial progress.