New Zealand has been named among the top five wealthiest countries per capita on the global rich list. Photo / DepostiPhotos
New Zealand has been named among the top five wealthiest countries per capita on the global rich list. Photo / DepostiPhotos
New Zealand has been named among the top five wealthiest countries per capita on the global rich list, beating out Canada, Denmark and Sweden – but has ranked behind transtasman neighbours Australia.
When adding together net wealth from real estate and other financial assets, each Kiwi was worth on average€302,900 ($617,067) in 2024, according to Allianz’s Global Wealth Report – released last month.
Switzerland tops the list with net assets valued over $1.2 million, followed by the United States at just over $1m. The top two have remained unchanged for years.
Australia, meanwhile, had the most sizeable jump – ranking seven spots higher than the previous report and coming in third overall for 2024, with the country’s per capita wealth valued at $781,714.
The Allianz Global Wealth Report 2025 shows New Zealand ranked fifth in the world for household financial asset value in 2024. Photo / Allianz Global Wealth Report
New Zealand sits in fifth place on the list and Singapore fourth.
The majority of Kiwis and Australians’ wealth comes from real estate – with New Zealand tumbling to eighth on the list based solely on net financial assets.
“Real estate markets in Australia and New Zealand, as well as in Eastern Europe, seem immune to all interest rate turbulence and continue to rise steadily,” the report stated.
It said the value of real estate assets grew at more than twice the speed in 2024 compared to the previous year, jumping up to 3.6%.
With property removed, New Zealand ranked eighth in net financial assets per capita in 2024. Photo / Allianz Global Wealth Report
“Even this figure is rather weak in historical terms ... Given ongoing high construction costs and mortgage interest rates, this subdued development is hardly surprising.”
Overall, the value of real estate assets in the countries considered amounted to $322 trillion, the report said.
Sweden and Japan suffered the most in 2024 according to the global rankings, plummeting six and eight places respectively to fall out of the top 10.
When looking at the global debt ratio – liabilities as a percentage of GDP – the report said an “interesting trend” emerges. At 62.6%, the global debt ratio in 2024 was almost eight percentage points lower than it was in 2004.
“Australia and New Zealand are exceptions among advanced markets, with their debt ratios rising by 15.2 percentage points to reach 113%. Nevertheless, this figure remains below the previous high of 122%, which was reached in 2020.”
It said global financial assets are expected to continue growing in 2025, albeit at a far slower rate than in the previous two years – but warned of the potential for a market setback.
“While stock markets remain in positive territory and have proven resilient to political turmoil, valuations are high by historical standards, especially in the US. This makes the potential for a setback correspondingly large.”
