National net worth advanced 1.0% on a seasonally adjusted basis in the first quarter, compared with a 1.9% gain in the previous quarter, Statistics Canada reported Tuesday.

National net worth reached $3.8 trillion or $120,900 per capita by the end of the first quarter. Per capita worth was up 0.6% from the fourth quarter and 5.1% from the first quarter of 2002.

According to StatsCan, the slower growth in the first quarter was driven by a significant increase in the net foreign liability — what Canadians owe to non-residents less what non-residents owe to Canadians — which offset the increase in national wealth.

The rise in net foreign debt was related to the appreciation of the Canadian dollar, which had a larger impact on Canada’s foreign currency-denominated assets than on foreign currency-denominated liabilities.

In the fourth quarter, strong growth in national net worth was also related to net foreign debt, which had declined sharply.