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Home / Business

National Business Review's rich-list 2017 reveals NZ's most wealthy

Corazon Miller
By Corazon Miller
Reporter·NZ Herald·
21 Jul, 2017 09:10 PM3 mins to read

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Graeme Hart and John Key.

Graeme Hart and John Key.

Nineteen people have joined the exclusive club that make up the National Business Review's rich-list, adding $7b to its collective worth - a total $80b, up from $73b last year.

It was the highest number of newcomers to the list of the nation's richest since 1995. Just who they are will be revealed on the NBR's website at 8:30am on Monday.

At the top of last year's list of those with at least $50m to their name was Graeme Hart, with $7b worth of net assets.

NBR editor Duncan Bridgeman would not confirm if Hart had maintained his number one spot, but said there'd been a bit of shuffling in the top 10.

He said among the newcomers was a few fresh-faced millennials including one thought to be the youngest to join the list since Sky TV founder Craig Heatley first made it at age 30 in 1986.

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"A lot of them have been under the radar for a long time, or they have just come to light for us."

The Weekend Herald has reason to believe one of the new young rich listers will be Jamie Beaton, 22, who was reported to have a $73m stake in his company Crimson Education.

The company helps secondary school students navigate the competitive Ivy League admissions process.

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Another name expected to feature was that of controversial billionaire Peter Thiel - who Forbes estimated was worth a total US$2.7b ($3.68b).

Bridgeman did confirm former Prime Minister Sir John Key was once again on the list, after first appearing on it in 2008 with what was then a clean $50m of assets.

In 2016 he was worth an estimated $60m.

Bridgeman would not disclose where Sir John sat this year, but said it would be interesting to see what impact his being a private citizen would have on his ranking.

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"This is the first year he's not prime minister, he's more in control with his assets. He's likely to have gone up and that's because he's now making decisions on his own money again."

Bridgeman said people could expect a few surprises though.

"There are a couple of surprises in terms of the biggest falls and the biggest rises of those already on the rich list."

He said a number had also fallen off the list this year after falling on hard times, but he expected some would reappear in future lists.

"They often fail and then bounce back and come good again."

Bridgeman said typically property had been "a good avenue for wealth creation", but he said among the newcomers there was a broad range of industries represented, including manufacturing, agri-business, insurance, aviation and finance.

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"The stories in the rich list are inspirational or motivational... the numbers don't matter so much, it's the stories behind the wealth we really get excited about."

Overall he said the list showed that New Zealand had become the land of opportunity for entrepreneurs and risk-takers.

"I think it's continued boom times for the rich, the rich get richer and the rich are having a really successful period at the moment."

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