After five years of growth Tainui is now closing the door on past financial struggles and mounting a serious challenge for the title of the country's wealthiest iwi.
While Ngai Tahu's business model has long been considered the tribal model for financial success and is worth $551 million,
Tainui is now also a half-billion dollar tribe. Yesterday, Tainui Group Holdings reported its assets were worth $415 million but that excludes about $100 million worth of property held under Potatau Te Wherowhero title which is owned by TGH shareholder Waikato Raupatu Lands Trust.
Trust assets include the Onewhero Forest estate, Waikato University land, Tainui's Hopuhopu headquarters, and other settlement land from the tribe's 1995 deal. While the tribe is closing the gap on its southern cousin it is doing so with low levels of debt - $9 million or so, which is thought to be much lower than Ngai Tahu's level.
It is a major turnaround for the tribe. It was close to bankruptcy in 2001, had written off millions in assets, and had an infamous stint of part-owning the New Zealand Warriors league team.
Tribal executive Te Arataura chairman Tuku Morgan said it was a past they had put firmly behind them and it was "fantastic" to pass the $500 million.
"Sir Robert [Mahuta] challenged the tribe at settlement to be a half-billion company within 10 years.
"It's taken us a little longer but in getting there we've become smarter and more calculating about our approach forward. We're committed to a long, sustainable future."
