In personal finance, what is a summary of an individual's net worth also known as?

A summary of an individual's net worth is typically referred to as a net worth statement. This document provides a clear snapshot of a person's financial position at a specific point in time by listing all assets and liabilities. The net worth statement calculates net worth by subtracting total liabilities from total assets, giving an individual insight into their financial health.

While terms like asset report or balance sheet may seem relevant, they carry different meanings and uses. An asset report lists only assets without the corresponding liabilities, failing to provide the complete picture of net worth. A balance sheet, although similar in nature to a net worth statement, is more commonly used in business contexts rather than personal finance. A financial forecast focuses on projected future incomes, expenses, or net worth, which does not represent the current financial snapshot that a net worth statement provides. Thus, the net worth statement is the most accurate descriptor for summarizing an individual's net worth.