I guess it all depends upon the situation and perspective. The answer is no from an asset management industry standpoint (e.g., private bankers, discretionary and advisory brokers, etc.). The key client measure is Investable Assets, which excludes money tied-up in a primary residence. To get into a decent private bank or high end broker, you have to be a High Net Worth Individual, which is someone with > $1MM in Investable Assets.
However, I think that the IRS does consider the primary residence to be part of net worth for the purposes of estate tax calculation as well as the courts (e.g., divorce settlememts)
