Rich get richer - but slowly

Beer baron Doug Myers is still the country's richest man, although he added only a modest $25 million to his wealth in the past year.

Mr Myers, who cashed up his Lion Nathan shares for $474 million last year, heads the individual wealth section of the National Business Review Rich List, published today.

Mr Myers' worth is estimated at $525 million, a healthy $215 million ahead of the three equal-second placegetters, Sir Michael Fay and David Richwhite (merchant banking) and Stephen Tindall (The Warehouse).

Rich List editor Graeme Hunt said that on the face of it, the $1.2 billion rise in the minimum net worth of the country's richest individuals and families looked good.

But compared to wealth creation in America and Australia, New Zealand had moved at "barely a shuffle," and the gain was disappointing.

The country has only one family of billionaires, the Todd family with a minimum net worth of $1.8 billion (up $200 million), compared with Australia's richest man, Kerry Packer ($6.95 billion), and the world's richest man, Microsoft's Bill Gates, who is worth $169 billion.

The entire main New Zealand Rich List of $9.805 billion (based on 135 individuals and 36 families) equalled less than 6 per cent of Gates' wealth, Mr Hunt said.

Twelve newcomers - 10 individuals and two families - were added to the list.

Among those dropping off were Charles and Tom Kain, whose Applefields company lost $16 million last year, and TV marketers Suzanne Paul and Paul Meier, whose American shares took a dive.

The richest Maori is the Maori Queen, Dame Te Atairangikaahu, thought to be worth $9 million.

But the list says Maori wealth is not usually held by individuals, and it estimates tribal potential wealth at $2 billion.

Yacht designer Bruce Farr leads the sporting list with an estimated personal wealth of $15 million.

Only three sports earners made the main list by passing the entry threshold of $10 million.

Behind Farr is another yachtie, Chris Dickson ($14 million), who has also dabbled in property, and golfer Sir Bob Charles ($13 million).

Wales coach and former Auckland Blues coach Graham Henry makes it on to the sporting list with an estimated wealth of $2 million - $500,000 ahead of the man whose job he wants, All Black coach John Hart.

Polo star Cody Forsyth is worth an estimated $8 million, and rugby superstar Jonah Lomu enters the list at $7 million.

The list also names the financial "wannabes" who it says have the potential to be included next year.

They include model Kylie Bax, singer-songwriter Neil Finn and broadcaster Paul Holmes. - NZPA