2026-02-21

How to Calculate Your Net Worth Across Countries

Net worth is the most fundamental number in personal finance. It is the sum of everything you own minus everything you owe. For someone living and investing in a single country, calculating it takes about ten minutes.

For anyone with financial footprints in multiple countries, it is significantly harder. You have bank accounts in different currencies, brokerage accounts across jurisdictions, maybe property in one country and a retirement account in another. Each piece is denominated in a different currency, and those currencies move against each other every day.

This guide walks through the complete process of calculating your net worth when your assets and liabilities span borders and currencies.

Why Cross-Border Net Worth Is Different¶

If every asset you own is in USD, your net worth calculation is simple addition and subtraction. Add up your bank balances, investment values, and property equity. Subtract your debts. Done.

The moment you have assets in two or more currencies, the calculation becomes time-dependent. Your net worth changes not only when asset prices move, but also when exchange rates move. You could do absolutely nothing — no trades, no deposits, no spending — and your net worth could shift by thousands of dollars overnight because the euro strengthened against the dollar.

This is not a rounding error. Currency movements of 5-15% in a single year are common for major pairs and entirely normal for emerging market currencies. If you have significant assets in Thailand (THB), Colombia (COP), or Mexico (MXN), currency swings can represent the largest single factor in your net worth changes.

The OECD publishes purchasing power parity data and exchange rate statistics that show just how volatile cross-currency valuations can be over multi-year periods. See the OECD’s exchange rate data for historical context.

Step 1: List Every Asset by Country and Currency¶

The first step is a complete inventory. You need to list every asset you own, organized by the country where it is held and the currency it is denominated in. Be thorough — the assets people forget are the ones that skew the calculation.

Investments¶

• Brokerage accounts — List each one separately with its currency. A Fidelity account holds USD assets. A Degiro account might hold EUR-denominated ETFs. Interactive Brokers can hold positions in multiple currencies within a single account — list each currency’s holdings separately.
• Retirement accounts — 401(k), Traditional/Roth IRA (USD), SIPP (GBP), Superannuation (AUD), CPF (SGD), Pillar 2/3a (CHF). These are frequently left out of net worth calculations because the money feels inaccessible. It is not inaccessible — it is illiquid. It still counts.
• Crypto — Exchange balances and self-custody wallets. Crypto is not tied to a specific country, but it is typically valued in USD or your local currency.
• Individual stocks, bonds, and funds — Note the currency each one trades in. A US-listed ETF trades in USD even if the underlying holdings are international.

Cash and Savings¶

• Bank accounts — Every account in every country. If you spent a year in Portugal and still have a Portuguese bank account with EUR 3,000 in it, that counts. Same for a THB account from your time in Bangkok or a GBP account from living in the United Kingdom.
• High-yield savings — Often separate from checking accounts. Note the currency.
• Cash on hand — If you keep meaningful amounts of physical cash in any currency, include it.

Property¶

• Real estate — Primary residence, rental properties, land. Use a reasonable estimate of current market value in the local currency. Do not attempt to be precise here — property values are inherently estimates. Use the most recent comparable sales data or a conservative valuation.
• Vehicles — If your car has meaningful resale value, include it in the local currency.

Other Assets¶

• Business equity — If you own a business or a share of one, estimate its value.
• Receivables — Outstanding invoices or loans you have made to others.
• Vested equity compensation — Stock options or RSUs that have vested. Unvested equity is not your asset yet.

Step 2: List Every Liability by Country and Currency¶

Liabilities follow the same structure.

• Mortgages — Outstanding principal, denominated in the local currency. If you own property in Spain with a EUR mortgage and live in the US, the EUR balance fluctuates in USD terms even as you pay it down.
• Student loans — Usually denominated in the currency of the country where you studied.
• Personal loans and credit lines — Including overseas bank loans.
• Credit card balances — Only include balances you are carrying, not the statement amount you plan to pay in full.
• Tax liabilities — If you owe a known tax amount to any country, include it. US expats often owe estimated tax to the IRS; people living in France or Germany may owe to their local tax authority.

Step 3: Convert Everything to a Single Currency¶

With your inventory complete, you need to convert every line item to a single home currency. This is the step where most people either give up or make errors.

Choosing Your Home Currency¶

Your home currency should be the one you use to make financial decisions. For most people, this is the currency of their tax residency, their largest financial obligations, or the currency they plan to retire in.

Common choices:

• USD — If you are a US citizen or green card holder, you must report to the IRS in USD regardless of where you live. USD is the pragmatic default.
• GBP / EUR / AUD / CAD — If you are a citizen of one of these countries and plan to return, it makes sense to track in your home country’s currency.
• The currency of your largest expense base — If you live in Singapore long-term and pay rent and living expenses in SGD, SGD gives you the most relevant picture.

Getting Accurate Exchange Rates¶

Use mid-market exchange rates from a reputable source. The mid-market rate is the midpoint between the bid and ask prices on the interbank market — it is the “real” rate before any bank or broker adds their margin.

Sources for accurate mid-market rates include the European Central Bank for EUR pairs, and major financial data providers for a broader set of pairs.

Do not use the rate your bank shows in its app. That rate includes a spread (typically 1-3% for retail customers, sometimes more for exotic pairs). The bank rate is what you would get if you actually converted money, but for tracking purposes, mid-market is the standard.

The Conversion Formula¶

For each line item:

Value in home currency = Value in local currency x Exchange rate

If your home currency is USD and you have GBP 50,000 in a UK savings account, with GBP/USD at 1.26:

USD 63,000 = GBP 50,000 x 1.26

If you have a EUR 200,000 mortgage in Spain, with EUR/USD at 1.08:

USD 216,000 = EUR 200,000 x 1.08

Do this for every line item. Then:

Net worth = Sum of all assets (in home currency) - Sum of all liabilities (in home currency)

Step 4: Handle the Hard Cases¶

Some assets and liabilities do not convert cleanly.

Property Valuation¶

Property is the least precise number in your net worth. Unlike a stock with a live market price, a property’s value is an estimate until you actually sell it. Use conservative estimates. If your apartment in Croatia might sell for EUR 150,000-180,000, use EUR 150,000.

For your net worth calculation, what matters is the equity: property value minus outstanding mortgage. If the property is worth EUR 150,000 and you owe EUR 100,000, your equity is EUR 50,000 — convert that to your home currency.

Retirement Accounts with Restrictions¶

A 401(k) with USD 200,000 is not the same as USD 200,000 in a brokerage account. You will pay taxes on withdrawal, and early withdrawal incurs a 10% penalty. The IRS details early distribution penalties in Publication 575.

How you handle this depends on your purpose. For a straightforward net worth calculation, include the full nominal value. For a “what could I actually access” calculation, you might discount retirement accounts by your expected marginal tax rate. Either approach is valid — just be consistent.

Illiquid Assets¶

Business equity, private investments, artwork, collectibles. These are real assets but they are hard to value and impossible to convert to cash quickly. Include them at a conservative estimate. If you are not sure, use the lower end of any reasonable range.

Currency-Linked Debt¶

If you have a mortgage in EUR but earn in USD, your debt burden fluctuates with the exchange rate. When the dollar weakens against the euro, your mortgage effectively becomes more expensive in USD terms. Track the outstanding balance in EUR and convert to USD at the current rate — this reflects the real obligation.

Step 5: Establish a Regular Cadence¶

A single net worth calculation is a snapshot. What you actually need is a time series — regular measurements that show you the trajectory.

Monthly is the minimum useful frequency. Your income comes in, bills go out, and investment prices move. Monthly captures the meaningful changes without creating busywork.

Weekly is better if you have significant FX-exposed positions. Currency rates can move 2-3% in a week, and if a large portion of your assets are in a volatile currency pair, weekly tracking catches swings that monthly misses.

Daily automated snapshots are ideal. You are not checking daily, but having the data means you can look back at any time and see exactly where your net worth stood. This is where a tool like FlashFi excels — it takes automated snapshots of your net worth at regular intervals, so you have a continuous historical record without any manual work.

How FX Volatility Affects Your Net Worth¶

Understanding FX impact is crucial for interpreting your net worth over time.

Say your net worth is composed of:

• USD 200,000 in US investments
• GBP 80,000 in UK savings and investments
• EUR 50,000 in a European brokerage

If your home currency is USD, and over the next quarter the GBP drops 5% and the EUR drops 3% against the USD — with no change in asset values — your net worth drops by approximately USD 5,540 (5% of the GBP-equivalent USD value plus 3% of the EUR-equivalent USD value).

You did nothing wrong. Your investments performed fine in local terms. But your net worth in USD is lower because the currencies weakened.

This works in the other direction too. A strengthening foreign currency amplifies your returns when measured in your home currency.

The key insight is that having assets in multiple currencies introduces currency risk as a separate axis of portfolio performance. You need to see both: how your assets performed in local terms, and how FX movements affected the consolidated picture. For a detailed breakdown of this dynamic, see How Currency Exchange Rates Affect Your Investment Returns.

Practical Allocation: How Much Currency Risk to Take¶

Once you can see your net worth across currencies, the natural question is whether your currency allocation makes sense.

There is no universal right answer, but some principles apply:

Match liabilities to assets. If you have a EUR mortgage, having EUR-denominated investments to cover it reduces your currency risk. If your debts are in USD but all your investments are in GBP, you are taking on unnecessary risk.

Consider your future spending currency. If you plan to retire in New Zealand, having a growing allocation to NZD-denominated assets reduces the risk that your retirement fund buys less when you need it. Similarly, people planning to settle in Ireland or Australia may want to build positions in their target country’s currency over time.

Do not over-concentrate. Even if you live and spend in one currency, holding 100% of your assets in that currency means your global purchasing power depends entirely on one country’s monetary policy. Some diversification across major currencies (USD, EUR, GBP, CHF, JPY) provides a buffer.

For a deeper treatment of currency allocation strategy, see How to Build a Multi-Currency Investment Portfolio.

Common Mistakes¶

Forgetting accounts. The bank account you opened in Estonia three years ago with EUR 1,200 in it. The superannuation account from working in Australia. The cryptocurrency on an exchange you stopped using. Go through every financial relationship systematically.

Using stale exchange rates. If you calculate your net worth once a quarter but use the same FX rates from January, your March number is wrong. Always use current rates.

Double-counting employer retirement contributions. If your 401(k) shows USD 150,000 and your paycheck shows a 401(k) deduction, the money is already in the 401(k) balance. Do not count it twice.

Excluding debt. Net worth is assets minus liabilities. If you skip the liabilities, you are calculating gross assets, not net worth. A portfolio of USD 500,000 with USD 300,000 in debt is not the same as a portfolio of USD 200,000 with no debt — even though they have the same net worth.

Converting at the wrong rate. As noted above, use mid-market rates for tracking, not your bank’s retail rate. The difference matters when you are converting large balances.

Putting It All Together¶

A complete cross-border net worth calculation requires:

1. A full inventory of assets and liabilities, by country and currency
2. Current mid-market exchange rates for every currency pair
3. Conversion of every line item to a single home currency
4. Summation: total assets minus total liabilities
5. Regular repetition at consistent intervals

Done manually, this is a 30-60 minute exercise each time — assuming you have all the data accessible. With a purpose-built tracker, it takes seconds.

Automate It¶

FlashFi was built for exactly this problem. Add your holdings, cash accounts, and debts across any currency, set your home currency, and see your consolidated net worth — updated automatically with live exchange rates. Historical snapshots show you the trend over time, and per-position breakdowns show you how each asset contributes to the total.

Calculate your real net worth across every currency and stop guessing.

By David Brougham