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Scoop
5 days ago
- Business
- Scoop
New Zealand Rich List Exceeds $100 Billion Amid Cost-Of-Living Crisis
New Zealand's Rich List, compiled annually by the National Business Review (NBR), boasted last week that the country's wealthiest are now collectively worth more than $NZ100 billion. The figure increased from $95.55 billion in 2024, despite a brutal cost-of-living crisis and two recessions in the past 18 months. The nation of just 5.3 million people now has 18 billionaires, up from 16 last year. A dozen newcomers, with $4.3 billion, are among 119 individuals and families profiled by the NBR, who altogether have a total of $102.1 billion—equal to more than 40 percent of the country's annual Gross Domestic Product (GDP). Like similar reports posted internationally, the NZ list points to soaring wealth among a tiny privileged layer, even amid a gathering global economic crisis. Nine years ago the 2016 Rich List's wealth was just under $60 billion, rising to $72.6 billion two years ago. Commenting on the rapid increase in the concentration of wealth, Bryce Edwards, director of the Integrity Institute, noted: 'We are witnessing inequality grow towards heights approaching those of the early 20th century.' He described it as 'a roadmap of oligarchic power in New Zealand, complete with policy wish lists, political connections, and breathtaking displays of luxury that would make a Gilded Age robber baron blush.' New Zealand is already an extremely unequal society. According to Statistics NZ's Household Economic Survey in 2021, the richest 5 percent of individuals owned 43.1 percent of the country's wealth, while the bottom 50 percent held just 2.1 percent. Brothers Nick and Mat Mowbray, who with sister Anna Mowbray, founded Zuru Toys in 2003, topped the Rich List with $20 billion. The pair have been outspoken about their ambitions to be 'the next Apple, Google, Tesla' with a target of $10 billion in revenue within five years. Former list leader Graeme Hart is second, with an estimated net worth of $12.1 billion. Hart built his global packaging empire following his purchase of the state-owned Government Printing Office, for a vastly undervalued $23 million, during the 1984–90 Lange Labour government's public asset fire sale. Others to feature were prominent filmmaker Peter Jackson and his wife Fran Walsh, at fifth richest with a net worth of $2.6 billion. This year the NBR also launched a Women's Rich List, headed by Anna Mowbray and Lucy Liu, co-founders of online payments company Airwallex. Liu's company was valued at more than $10 billion in a capital raise in May. The publication profiled 14 women, all of them estimated to be worth between $20 and $100 million. The celebration of a handful of super-rich women comes after the right-wing coalition government last month passed the Equal Pay Amendment Act, designed to make it almost impossible for workers in female-dominated professions to claim that they are underpaid because of gender-based inequity. The primary source of the Rich Listers' fortunes is not the production of socially necessary goods and services. Their vast wealth derives almost entirely from parasitic activities such as financial investment and property speculation. Viaduct Harbour Holdings, owned by the Gibbs, Wyborn, Farmer and Green families—all of whom regularly appear on the Rich List—leases out areas of the expensive Auckland harbour waterfront to the hospitality, sports and accommodation sectors. The Gibbons, Guntons, Carters, and Wallaces have all built their fortunes on property development. A 2023 Inland Revenue Department (IRD) investigation into the wealth of the country's 311 richest individuals found that only 7 percent of their income is in a form subject to income tax. The remaining 93 percent comes from returns on investment, including financial assets and capital gains—all of which is either not taxed, or taxed at a lower rate than incomes. This privileged layer paid tax on their earnings at a rate of just 8.9 percent—less than half the 20 percent rate paid by someone on the average wage. Well-off New Zealanders are paying less tax than their peers in nine similar OECD nations, including Australia, Canada, the US, the UK, and five European countries, according to a Victoria University of Wellington study commissioned by Tax Justice Aotearoa last year. In 2024, New Zealand and Belgium were the only two OECD countries not to have a capital gains tax—though Belgium had other wealth taxes, which New Zealand does not. None of this prevents the wealthy elite from endlessly agitating for cutting corporate taxes, privatising public services, slashing welfare and cutting government 'bureaucracy,' all while seeking incentives for private sector 'risk takers.' The recent King's Birthday Honours awards celebrated former National Party finance minister Ruth Richardson, appointing her as a Companion of the NZ Order of Merit. Richardson is reviled in the working class for her infamous 1991 'Mother of all Budgets' which savagely cut welfare and thrust thousands of beneficiaries into poverty, imposing conditions of misery that still exist. The main opposition Labour Party meanwhile has consistently rejected any significant increase in tax on wealth. Despite campaigning in the 2017 election for a modest capital gains tax, in 2019 Labour Prime Minister Jacinda Ardern ruled it out. Her stance was endorsed by current leader Chris Hipkins. The Labour Party-Greens government from 2017-2023, like others throughout the world, exploited the COVID-19 pandemic to engineer a huge transfer of wealth to the ultra-rich. Property values and corporate and bank profits soared due to millions in subsidies, bailouts and tax concessions, and the Reserve Bank's quantitative easing and ultra-low interest rates. While the country has since had near back-to-back recessions, the impact has fallen entirely on the working class. The NZX50 index increased by 1,500 points or 12.74 percent during 2024, its best performance since 2020. The Reserve Bank's official cash rate cut from 5.25 to 4.75 percent last October gave the share market, dominated by investments in utilities, infrastructure and real estate, a strong boost in the final quarter of 2024. Political connections play a critical role in maintaining and boosting the wealth of the richest at the expense of ordinary people. Last year the National Party-led government delivered a massive tax cut for landlords, estimated to have cost $NZ2.9 billion, falsely claiming this would lead to more affordable rents. At the 2023 election, Rich Listers were among the most generous donors to the coalition parties, National, NZ First and ACT. Nick Mowbray gave hundreds of thousands of dollars to both National and the far-right ACT Party. Graeme Hart donated $700,000 to the right-wing parties over two years—$400k to National, $200k to ACT and $100k to NZ First. The rich are not shy about flaunting their wealth. Along with mansions and overseas apartments, several, including Peter Jackson, own private jets. Hart runs a multi-million dollar, 102-metre superyacht. A bid by Anna Mowbray and her husband, rugby player Ali Williams, to put a helipad on their property in the exclusive Auckland suburb of Westmere currently faces strong opposition from nearby residents and community groups. Speaking for the entire ruling class, Prime Minister Christopher Luxon gushed over the NBR's report: 'Isn't it fantastic that we have got people with ambition, aspiration and positivity, and we should be celebrating success.' But under Luxon's government, there is an escalating social disaster. Tens of thousands of people have lost their jobs and Radio NZ reported on June 9 that the net worth of all households declined by $4.185 billion in 2024. Already in 2023, 36.1 percent of households were scraping by on income that was either 'not enough' or 'only just' enough, according to Statistics NZ. In 2024, the Treasury estimated that nearly one-in-five children, 17.7 percent, were living in poverty. The New Zealand Food Network estimated this year that 500,000 people, a tenth of the population, is regularly dependent on food parcels. 16 June 2025
Scoop
10-06-2025
- Business
- Scoop
The 2025 NBR Rich List: Listers Crack $100 Billion, NBR Launches First Women's List
The overall theme of the 2025 NBR Rich List, meanwhile, is Elevating NZ Inc. We asked each of the Rich Listers what one thing we could do to make New Zealand a better place for doing business. 09 June New Zealand's leading wealth creators are now collectively worth more than $100 billion, the 2025 NBR Rich List reveals. The latest NBR Rich List, published today, profiles 119 Kiwi individuals and families who are building enterprises, growing the country's fortunes, creating jobs, and giving back. That includes a dozen Newcomers to the 2025 Rich List, collectively worth $4.3b. The addition of those Newcomers, as well as growth among some of the country's wealthiest, has pushed the total valuation of this year's Rich List to $102.1b, up from $95.55b last year. The Newcomers include names like Jamie Beaton – who becomes a Rich Lister after the company he co-founded, Crimson Education, was valued at more than $1b in a capital raise last November – alongside several families who have been operating and building enormously successful businesses for decades. Two women also feature in our Newcomers this year, becoming the only two women to feature on the Rich List in their own right since 2019. They are Anna Mowbray, who has moved on from Zuru to build a wide-ranging portfolio of investments, and Lucy Liu, a New Zealand citizen whose company was valued at more than $10b in a capital raise just last month. Their success has been the catalyst for a new feature we've introduced as part of this year's coverage: the Women's List. Zuru founders Nick and Mat Mowbray, meanwhile, retain the top spot with a $20b valuation. Overall, New Zealand now also has 18 billionaires, up from 16 last year. 'The country's Rich Listers together employ thousands of people and generate billions of dollars of economic activity,' NBR Rich List editor Hamish McNicol says. 'The Rich List celebrates those individuals and families, telling in-depth stories of how they have built their enterprises, how they are tackling global economic volatility, and what they are investing back into their communities.' The Women's List The 2025 Rich List also sees the launch of the inaugural Women's List, which is a series of interviews and profiles with 14 of the country's leading, and most successful, businesswomen. We are not publishing assessments of their net worth, although generally estimate them to each be worth between at least $20m and $100m (Mowbray and Liu excluding). Each have built businesses which collectively have employed thousands and contributed greatly to the domestic economy: they are true wealth creators worthy of recognition and celebration alongside the Rich List. They also have different perspectives and each tell a story we believe invaluable to those looking for the keys to business success. That list includes the likes of Naomi Ballantyne, who built life insurer Partners Life into what she says is the country's first female-business to sell for $1b. There's also Carmen Vicelich, the founder of Valocity, a fintech that streamlines property valuation and real estate processes and is now used in more than 3500 cities around the world. 'We've got lots of families and couples on the Rich List but this year we have two female Newcomers in Anna Mowbray and Lucy Liu,' McNicol says. 'They, along with some encouragement from local women in business, prompted us to consider what we could do as part of our coverage to highlight the success of our leading businesswomen.' 'They've each built large and impressive businesses and share fascinating insights into the unique challenges they have faced in doing so.' Elevating NZ Inc The overall theme of the 2025 NBR Rich List, meanwhile, is Elevating NZ Inc. We asked each of the Rich Listers what one thing we could do to make New Zealand a better place for doing business. Several key themes emerged from the many responses we got. Overall, there is optimism about New Zealand's place in the world, particularly in the context of an increasingly volatile global environment. 'Opening the country up to more foreign investment and drastically improving the education system were the most common areas cited for change,' McNicol says. 'But there were some other really interesting ideas in there as well, particularly around things like tax and regulation.' 'They have no shortage of ideas.'
Scoop
10-06-2025
- Business
- Scoop
The 2025 NBR Rich List: Listers Crack $100 Billion, NBR Launches First Women's List
09 June New Zealand's leading wealth creators are now collectively worth more than $100 billion, the 2025 NBR Rich List reveals. The latest NBR Rich List, published today, profiles 119 Kiwi individuals and families who are building enterprises, growing the country's fortunes, creating jobs, and giving back. That includes a dozen Newcomers to the 2025 Rich List, collectively worth $4.3b. The addition of those Newcomers, as well as growth among some of the country's wealthiest, has pushed the total valuation of this year's Rich List to $102.1b, up from $95.55b last year. The Newcomers include names like Jamie Beaton – who becomes a Rich Lister after the company he co-founded, Crimson Education, was valued at more than $1b in a capital raise last November – alongside several families who have been operating and building enormously successful businesses for decades. Two women also feature in our Newcomers this year, becoming the only two women to feature on the Rich List in their own right since 2019. They are Anna Mowbray, who has moved on from Zuru to build a wide-ranging portfolio of investments, and Lucy Liu, a New Zealand citizen whose company was valued at more than $10b in a capital raise just last month. Their success has been the catalyst for a new feature we've introduced as part of this year's coverage: the Women's List. Zuru founders Nick and Mat Mowbray, meanwhile, retain the top spot with a $20b valuation. Overall, New Zealand now also has 18 billionaires, up from 16 last year. 'The country's Rich Listers together employ thousands of people and generate billions of dollars of economic activity,' NBR Rich List editor Hamish McNicol says. 'The Rich List celebrates those individuals and families, telling in-depth stories of how they have built their enterprises, how they are tackling global economic volatility, and what they are investing back into their communities.' The Women's List The 2025 Rich List also sees the launch of the inaugural Women's List, which is a series of interviews and profiles with 14 of the country's leading, and most successful, businesswomen. We are not publishing assessments of their net worth, although generally estimate them to each be worth between at least $20m and $100m (Mowbray and Liu excluding). Each have built businesses which collectively have employed thousands and contributed greatly to the domestic economy: they are true wealth creators worthy of recognition and celebration alongside the Rich List. They also have different perspectives and each tell a story we believe invaluable to those looking for the keys to business success. That list includes the likes of Naomi Ballantyne, who built life insurer Partners Life into what she says is the country's first female-business to sell for $1b. There's also Carmen Vicelich, the founder of Valocity, a fintech that streamlines property valuation and real estate processes and is now used in more than 3500 cities around the world. 'We've got lots of families and couples on the Rich List but this year we have two female Newcomers in Anna Mowbray and Lucy Liu,' McNicol says. 'They, along with some encouragement from local women in business, prompted us to consider what we could do as part of our coverage to highlight the success of our leading businesswomen.' 'They've each built large and impressive businesses and share fascinating insights into the unique challenges they have faced in doing so.' Elevating NZ Inc The overall theme of the 2025 NBR Rich List, meanwhile, is Elevating NZ Inc. We asked each of the Rich Listers what one thing we could do to make New Zealand a better place for doing business. Several key themes emerged from the many responses we got. Overall, there is optimism about New Zealand's place in the world, particularly in the context of an increasingly volatile global environment. 'Opening the country up to more foreign investment and drastically improving the education system were the most common areas cited for change,' McNicol says. 'But there were some other really interesting ideas in there as well, particularly around things like tax and regulation.' 'They have no shortage of ideas.'
RNZ News
03-06-2025
- Health
- RNZ News
The powerful women behind a social media ban campaign
Founding member of B416, Malindi MacLean Photo: Sharon Brettkelly A year ago, a group of rich-lister mums met with other high fliers from all walks of life and political hues with one thing in mind. Many were strangers to each other but the thing that united them was the push to bring in a law to get under-16-year-olds off social media . Such is the power of the group B416 and their cause that politicians from all corners came along to their launch last month, including ACT's David Seymour - who doesn't support a social media ban. It took place just days after National's Catherine Wedd put forward her Social Media Age-Restricted Users Bill, a private members bill. Since the launch, the move has faced criticism of moral panic, overreach and that a ban will risk the lives of vulnerable young people. But B416, which is co-chaired by entrepreneur Cecilia Robinson and includes multi-millionaire toy maker Anna Mowbray, says it is time to listen to parents who want to protect their children from social media harm. Founding member Malindi MacLean, who heads Outward Bound, says a lot of the criticism is from people who are not parents. "It's really important to keep [in mind] the lived experience of parents. They are day in, day out experiencing the impact of social media addiction, or addictive behaviours of their children. "A parent who has just been dealing with their teenager who is self harming or has sextortion or dealing with cyber bullying ... it's not something that you can argue with." The Social Media Age-Restricted Users Bill is in the biscuit tin at Parliament, which means it may never see the light of day before the next election. Photo: RNZ Pacific/ Koroi Hawkins Those arguing against a potential law that would force social media giants to use age verification measures on under-16s include retired district court judge David Harvey; youth mental health activist Jazz Thornton, Victoria University media lecturer Alex Beattie and the online counselling service Youthline. Judge Harvey says the proposed bill is flawed and could get the government in trouble with freedom of expression laws. There's also a risk that it will exclude the likes of YouTube, he says. Thornton believes a blanket ban will cause harm to the most vulnerable children and even lead to deaths; while Beattie argues social media can be a good communication tool for children and parents, and is not an addiction like smoking. MacLean says she welcomes the debate but her group wants progress. Hence the extensive billboard and social media campaign. She says the time and resources put into the campaign would be worth hundreds of thousands of dollars. But the influential group has tapped into many communities for contributions and support. "That just shows the appetite for change. The other thing is we've had a lot of support from organisations pro bono because most of them are human beings who also understand the issues." Wedd's private members bill is in the biscuit tin at Parliament, which means it may never see the light of day before the next election. That's not good enough for B416, which wants to see a policy by the end of the year, following Australia's world first law and trials of the age-verification technology already underway. Tech expert Danu Abeysuriya of digital firm Rush tells The Detail how the technology could work and why it is important for New Zealand to follow Australia and others. "We are a small nation and we don't represent a lot of revenue for large tech companies like Google, Facebook or X or Twitter. They focus on social media and to those companies our ad revenue is relatively small. CEO of digital firm Rush, Danu Abeysuriya Photo: Sharon Brettkelly "Whatever we have to do we should still attempt to be practical otherwise we risk being alienated from those platforms. The balancing act is aligning what we do with what the rest of the world does." Abeysuriya says there are a number of age verification options but one of the simplest would be a digital token that could be bought from the Warehouse or the local petrol station or even the child's school. Other technology could be used to put children off using social media, such as slowing down internet traffic. In this case the government would mandate Internet Service Providers such as One NZ to run traffic at half-speed in specific time periods. "It creates a bit of friction," says Abeysuriya. "If the TikTok video loads really slowly the kids might not watch the TikTok video, they might do something else like read a book." He says the solutions are ideas and nothing will be perfect. "The bravery to move is the thing that needs to happen here." Check out how to listen to and fol low The Detail here . You can also stay up-to-date by liking us on Facebook or following us on Twitter .
1News
29-05-2025
- Business
- 1News
Auckland millionaires absent from controversial helipad hearing
Multi-millionaire couple Anna Mowbray and Ali Williams have not taken up the chance to personally convince a hearing that they should be granted a suburban helipad. Thursday was the final day for the applicants to satisfy the panel of independent commissioners that their application meets the demands and conditions of a helicopter pad at their Rawene Ave property in Westmere, Auckland. The resource consent application hearing was adjourned on Thursday, with the couple absent from the hearing. Anna Mowbray of Zuru Toys and the job platform Zeil, and former All-Black Ali Williams' contentious application hearing has gone ahead this month at the Auckland Town Hall, without their physical presence throughout. During the hearing, a panel of independent commissioners heard expert evidence and submissions from those opposing and supporting the application. ADVERTISEMENT The hearing was not yet officially closed, RNZ understood this could take another week with the panel now deliberating whether they required further information. The independent panel would then have a 15 working day window to announce a decision, meaning the couple would have to wait until later next month to hear an outcome. The applicants' lawyer, Chris Simmons, asked the panel not to let their absence influence their decision making. "I'll take a moment just to encourage the panel not to read anything into the applicants' physical absence from the hearing," he said. "They are absolutely invested in this application, they've been involved and, in fact, I think that they've observed online, every minute of proceedings. "The applicants have adopted a comprehensive approach to consultation and undertaken a thorough examination of potential adverse effects that been identified," the lawyer said. According to Auckland Council, out of 1397 written submissions made on the application, a majority — 1227, or 87% — opposed the helipad. One hundred and eight were supportive, and 12 were neutral. ADVERTISEMENT
