question: what does net worth exactly mean? If someone had a million dollar net worth does it mean they are worth a million dollars or have a million dollars?
comment: Its the value of everything you own minus your debt. So if someone sells everything he has (assets), house(s), cars, jewelry etc etc, and cashes in all his accounts and stocks, repays all his debts (minus liabilities)and still has a million left he has a net worth of a million.
passages: The U.S. Securities and Exchange Commission requires all SEC-registered investment advisers to periodically file a report known as Form ADV. Among other things, Form ADV requires each investment adviser to state how many of their clients are "high-net-worth individuals". The Form ADV Glossary of Terms explains that a "high-net-worth individual" is an individual with at least $1,000,000 managed by the reporting investment adviser, or whose net worth the investment adviser reasonably believes exceeds $2,000,000 (or who is a "qualified purchaser" as defined in section 2(a)(51)(A) of the Investment Company Act of 1940). The net worth of an individual for SEC purposes may include assets held jointly with his or her spouse. Unlike the definitions used in the financial and banking trade, the SEC's definition of HNWI would include the value of a person's verifiable non-financial assets, such as a primary residence or art collection.
   Net worth
  
  Net worth is the value of all the non-financial and financial assets owned by an institutional unit or sector minus the value of all its outstanding liabilities. Since financial assets minus outstanding liabilities equal net financial assets, net worth can also be conveniently expressed as non-financial assets plus net financial assets. Net worth can apply to companies, individuals, governments or economic sectors such as the sector of financial corporations or to entire countries.
  
  Section::::By entity.
  
  Section::::By entity.:Companies.
   SALNs are often used by officials or political opponents to determine if government officials have "unexplained wealth", i.e. wealth that cannot be attributed to a salary, investment, gifts, inheritance, or other legal sources and therefore are likely to have come from bribes, kickbacks, grease money or other forms of corruption. During the trial of Joseph Estrada, former Philippine president, for plunder, his SALN played a key role.
   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.
   High-net-worth individual
  
  High-net-worth individual (HNWI) is a term used by some segments of the financial services industry to designate persons whose investible assets (such as stocks and bonds) exceed a given amount. Typically, these individuals are defined as holding financial assets (excluding their primary residence) with a value greater than US$1 million.
   Net worth is the sum of assets (both financial and tangible) minus liabilities for a given sector. Net worth is a valuable measure of creditworthiness and financial health since the calculation includes both financial obligations and the capacity to service those obligations.
   Net worth in business is also referred to as (own) equity. It is generally based on the value of all assets and liabilities at the carrying value which is the value as expressed on the financial statements. To the extent items on the balance sheet do not express their true (market) value, the net worth will also be inaccurate. On reading the balance sheet, if the accumulated losses exceed the shareholder's equity, net worth becomes negative.
   For a deceased individual, net worth can be used for the value of their estate when in probate. 
  
  Individuals with considerable net worth are listed as High-net-worth individuals and Ultra high-net-worth individuals.
  
  Section::::By entity.:Governments.
  
  Balance sheets that include all assets and liabilities can also be constructed for governments. Compared with government debt, a government's net worth is an alternative measure of the government's financial strength.
  
  Section::::By entity.:Countries.
   Household net worth
  
  Household total net is the net worth for individuals and is used as a measure in economics to compare the wealth of different groups. The net worth is the value of total assets minus the total value of outstanding liabilities. Household financial net worth is the balancing item of their financial balance sheet recorded at current market values. The total net worth is measured as a percentage of net disposable income. 
   The Statement of Assets, Liabilities and Net worth, commonly known as SALN, is an annual document that all government workers in the Philippines, whether regular or temporary, must complete and submit attesting under oath to their total assets and liabilities, including businesses and financial interests, that make up their net worth. The assets and liabilities of the official, his or her spouse, and any unmarried children under 18 who are living at home must be included. Real property must be listed with the "description, kind, location, year and mode of acquisition, assessed value, fair market value, acquisition cost of land, building, etc. including improvements thereon." Any "co-mingled" assets, such as a house co-owned by siblings, must also be listed. Any gifts, donations, inheritance, or other property received at no cost must be listed at the fair market value and the assessed value.
   However, there are distinct classifications of HNWI and the exact dividing lines depend on how a bank wishes to segment its market. For example, an investor with less than US$1 million but more than US$100,000 is considered to be "affluent", or perhaps even "sub-HNWI". "Very-HNWI" (VHNWI) can refer to someone with a net worth of at least US$5 million.
  
  The Capgemini and Merrill Lynch World Wealth Report 2006 defines an additional class of ultra-high-net-worth individuals (UHNWIs), those with US$30 million in liquid financial assets or with a disposable income of more than US$20 million.
   Net worth in this formulation does "not" express the market value of a firm: a firm may be worth more (or less) if sold with a going concern.
  
  Section::::By entity.:Individuals.
   Ultra high-net-worth individual
  
  Ultra high-net-worth individuals (UHNWI) are defined as having a net worth of at least US$30 million in constant 2018 dollars. It is the wealth segment above very-high-net-worth individuals (5 million) and high-net-worth-individuals (1 million). Although they constitute only 0.003% of the world’s population, they hold 13% of the world's total wealth. By 2017 there were 226,450 individuals designated as UHNWI representing an increase of 3.5% with their combined total wealth increasing to $27 trillion.
  
  Section::::Definitions and ranking.
   BULLET::::3. an individual who, either alone or with a spouse, beneficially owns financial assets having an aggregate realizable value that before taxes, but net of any related liabilities, exceeds $1,000,000; or
  
  BULLET::::4. an individual whose net income before taxes exceeded $200,000 in each of the two most recent calendar years or whose net income before taxes combined with that of a spouse exceeded $300,000 in each of the two most recent calendar years and who, in either case, reasonably expects to exceed that net income level in the current calendar year; or
   The World Wealth Report published Capgemini has estimated the number and combined investable wealth of high-net-worth individuals as follows, using the United States Consumer Price Index (CPI) Inflation Calculator.
  
  Section::::Markets.
  
  Certain products cater to the wealthy, whose conspicuous consumption of luxury goods and services includes, for example: mansions, yachts, first-class airline tickets and private jets, and personal umbrella insurance. As economic growth has made historically expensive items affordable for the middle-class, purchases have trended towards intangible products such as education. In the United States, concierge medicine is an emerging trend as of 2017.
  
  Section::::Markets.:Banking and finance.
   Section::::Annual World Wealth Report.
   BULLET::::4. a director, executive officer, or general partner of the company selling the securities;
  
  BULLET::::5. a business in which all the equity owners are accredited investors;
  
  BULLET::::6. a natural person who has individual net worth, or joint net worth with the person's spouse, that exceeds $1 million at the time of the purchase, or has assets under management of $1 million or above, excluding the value of the individual's primary residence;
   BULLET::::- Balance sheets, which record the stock of assets, both financial and non-financial, and liabilities at a particular point in time. Net worth is the balance from the balance sheets (United Nations, 1993).
  
  The accounts may be measured as gross or net of consumption of fixed capital (a concept in national accounts similar to depreciation in business accounts).
   BULLET::::- List of Nigerian billionaires by net worth
  
  BULLET::::- List of Norwegians by net worth
  
  BULLET::::- List of Pakistanis by net worth
  
  BULLET::::- List of Peruvians by net worth
  
  BULLET::::- List of Poles by net worth
  
  BULLET::::- List of Portuguese by net worth
  
  BULLET::::- List of Russians by net worth
  
  BULLET::::- List of Saudis by net worth
  
  BULLET::::- List of Singaporeans by net worth
  
  BULLET::::- List of South Africans by net worth
  
  BULLET::::- List of South Koreans by net worth
  
  BULLET::::- List of Spaniards by net worth
  
  BULLET::::- List of Swedes by net worth
   Section::::Reports.:Boston Consulting Group Global Wealth Report.:UHNW characteristics.
   BULLET::::- List of Cypriots by net worth
  
  BULLET::::- List of Czechs by net worth
  
  BULLET::::- List of Danes by net worth
  
  BULLET::::- List of Dutch by net worth
  
  BULLET::::- List of Egyptian billionaires
  
  BULLET::::- List of Emiratis by net worth
  
  BULLET::::- List of Filipinos by net worth
  
  BULLET::::- List of Finns by net worth
  
  BULLET::::- List of French people by net worth
  
  BULLET::::- List of Germans by net worth
  
  BULLET::::- List of Greeks by net worth
  
  BULLET::::- List of Hong Kong people by net worth
  
  BULLET::::- List of richest Indians
  
  BULLET::::- List of Indonesians by net worth
   The Statement is required by law under Article XI Section 17 of the Philippine Constitution and Section 8 of Republic Act No. 6713, the “Code of Conduct and Ethical Standards for Public Officials and Employees.” It must be submitted upon assuming office and then every year thereafter on or before April 30. SALNs must be made available for inspection at reasonable hours and for copying by the public for a ten years after filing.
   BULLET::::- List of Swiss billionaires by net worth
  
  BULLET::::- List of Taiwanese people by net worth
  
  BULLET::::- List of Thais by net worth
  
  BULLET::::- List of Turkish people by net worth
  
  BULLET::::- List of Ugandans by net worth
  
  BULLET::::- List of Ukrainians by net worth
  
  BULLET::::- List of Venezuelans by net worth
  
  Section::::By region.
  
  BULLET::::- List of Africans by net worth
  
  BULLET::::- List of Asians by net worth
  
  BULLET::::- List of Arabs by net worth
  
  BULLET::::- List of Europeans by net worth
  
  BULLET::::- List of Latin Americans by net worth
  
  BULLET::::- List of South East Asian people by net worth
   BULLET::::- List of Irish people by net worth
  
  BULLET::::- List of Israelis by net worth
  
  BULLET::::- List of Italians by net worth
  
  BULLET::::- List of Japanese by net worth
  
  BULLET::::- List of Kazakhs by net worth
  
  BULLET::::- List of Kenyans by net worth
  
  BULLET::::- List of Lebanese by net worth
  
  BULLET::::- List of Kuwaitis by net worth
  
  BULLET::::- List of Malaysians by net worth
  
  BULLET::::- List of Mexicans by net worth
  
  BULLET::::- List of Monegasques by net worth
  
  BULLET::::- List of Nepalese billionaires by net worth
  
  BULLET::::- List of New Zealanders by net worth
   The 2013 World Wealth Report was jointly produced by Capgemini and RBC Wealth Management and included, for the first time, the Global HNW Insights Survey produced in collaboration with Scorpio Partnership. The inaugural survey represented one of the largest and most in-depth surveys of high-net-worth individuals ever conducted, surveying more than 4,400 HNWIs across 21 major wealth markets in North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa. 
  
  Section::::Capgemini figures.
  