National net worth reached $4.9 trillion by the end of the fourth quarter, or $150,500 per capita, Statistics Canada said today.

National net worth expanded by $131 billion in the fourth quarter, up 2.7% and just off the pace set in the third.

The growth in national wealth (economy-wide non-financial assets) slowed to 1.7%. This reflected the easing of economic activity, partly offset by sustained price increases for selected non-financial assets.

Residential real estate continued to be the major contributor to growth in national wealth, accounting for over half of the gain, the government agency said.

The advance in national net worth was strongly supported by the sharp decline in Canadians’ net foreign indebtedness (with marketable securities on a market value basis). Net foreign debt fell by almost half in the quarter, as assets abroad increased at nearly twice the rate as liabilities to non-residents. Growth in the value of foreign portfolio assets held by Canadians was the main contributor. The increase in these assets was driven by sustained strong investment flows, as well as the revaluation effects of sharp gains in foreign equity prices and a depreciating Canadian dollar in the fourth quarter.