This article analyzes pro‐poor growth of multiple dimensions of household well‐being by sector of activity in Cameroon. It uses (1) a polychoric principal component analysis to construct indicators of household asset endowments, (2) the growth incidence curve to analyze the pro‐poorness of the different assets, and (3) a Shapley value framework decomposition to account for changes in deprivation in terms of within‐sector growth and changes in within‐sector inequality. Data is sourced from the second and third Cameroon household consumption surveys. Results show that: (a) pro‐poor growth is not observed for all assets and households at the bottom of the distribution of the different assets experienced an increase in inequality; (b) for all asset endowments, overall deprivation worsened between 2001 and 2007; (c) whereas the growth component mitigated the worsening incidence, depth and severity of human asset deprivation, both growth and redistribution components accounted for the worsening physical, financial and social asset deprivations; (d) while the tertiary sectors of activity benefited some human asset poverty reduction, all sectors suffered from worsening financial and social asset deprivation. These results have implications for promoting growth and improving the allocation of household assets.