National net worth reached $4.7 trillion by the end of the second quarter, or $142,900 per person, Statistics Canada said today.

The gain in net worth resulted from an increase in national wealth, which was partially offset by increased net foreign debt.

Rising residential real estate costs contributed heavily to a 1.7% growth in national wealth during the second quarter, accounting for about two thirds of the increase.

Offset by increased net foreign debt, however, growth in national net worth slowed to 1.2%, down from an average of 1.6% through the previous four quarters.

Most notably, the stock market correction was reflected in reduced values of corporate shares and mutual funds, as well as limited gains in the value of pension assets.

With the continued rise in household debt, and the modest increase in net worth, households had 18¢ of debt for every dollar of net worth at quarter’s end, up slightly from the first quarter.

Debt service charges represent about 8% of personal disposable income.