This year’s NBR Rich List is bigger and richer than ever before with the total minimum net worth of members now at $47.8 billion, an increase of $3.5 billion on last year’s list. Add the small group of New Zealand-based international billionaires on the Rich List and the figure climbs to $60.4 billion, an all time record.
"The past year has been a good one financially and this has benefited the majority as well as a select few" says Nevil Gibson, Editor In Chief of The NBR.
The surge in wealth is mainly due to the substantial gains of most investment classes; the New Zealand equity market returned 25.9% last year and has added another 10% in the first half of this year. At the same time the property market, both residential and commercial, has been white hot. But new wealth has also been created through entrepreneurism, hard work and determination. Those willing to back themselves and deploy capital into growth-orientated businesses are being richly rewarded.
There are 12 newcomers on the Rich List this year.
The richest new entries are Victoria Ransom ($300 million), Mark Dunphy ($240 million), Hamish Edwards ($105 million), the Watson family ($100 million) and Gary Rooney ($90 million), the Chow brothers close out the list at $50 million with ventures in both property and the sex industry.
Unsurprisingly, four of the newcomers on this year’s list made their fortune in the technology sector by developing software for an increasingly tech-savvy population (Hamish Edwards, Victoria Ransom, Malcolm McDonald and Derek Jones).
Other profitable sectors include dairy farming, oil and gas exploration, insurance and food retailing, while construction is making a comeback (particularly in Christchurch).
The local share market contributed to some big jumps in the wealth of existing NBR Rich Listers - this year’s biggest success story was Xero, the online accounting software company co-founded by Hamish Edwards and Rod Drury. My Drury, who still owns more than 18% of the company, saw his personal wealth skyrocket from $120 million to $400 million.
There are four former NBR Rich Listers returning - Craig Heatley, Earl and Lani Hagaman, Alan Pye and Humphry Rolleston.
Graeme Hart again tops the list, testimony to his fearless global deal making in the packaging industry.
2013 Rich List Top 10
Graeme Hart $6.4 billion
Richard Chandler $3.7 billion
Todd family $2.9 billion
Erceg family $1.6 billion
Christopher Chandler $1.3 billion
Goodman family $1 billion
Michael Friedlander $950 million
Sir Owen Glenn $900 million
Stephen Jennings $900 million
Sir Douglas Myers $880 million
The NBR Rich List is on sale Friday 26 July @ $9.90 (available at all good retailers)