Richest man in NZ tops a billion

By CATHERINE MASTERS and KATHERINE HOBY

When he was 16 Graeme Hart left school to become a panelbeater. Three decades later, he is the richest man in New Zealand with a fortune estimated at $1.2 billion.

Mr Hart, a food and investment magnate, has topped the latest Rich List, rocketing from sixth last year.

As the country's first individual billionaire, he has nearly double the wealth of his nearest rival, The Warehouse founder Stephen Tindall, who is estimated to be worth $655 million.

The Rich List is published today by the National Business Review.

Mr Hart, 47, left Mt Roskill Grammar School and worked as a panelbeater, tow-truck driver and in the printing industry before starting the Rank Group.

In April, Rank bought Fonterra's 50.1 per cent stake in NZ Dairy Foods.

Mr Hart has spent the past five years rebuilding Burns Philp, an Australian food ingredient company.

His rise to the top of the Rich List pushes last year's winner, Douglas Myers, to third-equal with merchant banker Sir Michael Fay, each with an estimated $570 million.

Tindall, at No 2, gives a quarter of his share fortune to charity, says NBR.

Also on the list is jeweller Michael Hill, at $100 million, Lord of the Rings director Peter Jackson with $40 million, and Dame Kiri Te Kanawa, who has $15 million.

Boxer David Tua has $12 million and Jonah Lomu $10 million.

Rachel Hunter and Lucy Lawless still make the list, with $20 million and $15 million respectively.

Model and horse trader Kylie Bax makes the grade on the Emerging Rich List, as do Neil Finn, Paul Holmes, mortgage broker Mike Pero and "Mad Butcher" Peter Leitch. Their wealth, says NBR, is hard to quantify.

The Rich List has 156 individuals and 33 families with a combined minimum net worth of $15 billion.

There are nine new entries - six individuals and three families. The Todd family of Wellington remain the richest, with a fortune worth about $2 billion.

How the rich line up

Top 10 individuals

1. Graeme Hart: $1.2 billion (food, investment)

2. Stephen Tindall: $655 million (retailing)

3. Sir Michael Fay: $570 million (merchant banking, investment), Douglas Myers: $570 million (cashed up), David Richwhite: $570 million (merchant banking and investment)

6. Alan Gibbs: $280 million (investment)

7. John Spencer: $250 million (investment, property)

8. Eric Watson: $220 million (investment, technology)

9. Colin Giltrap: $215 million (cars)

10. Peter Masfen: $210 million (cashed up, shares)

Top sporting rich

1. Sir Bob Charles: $15 million (golf, property, consultancy)

2. Chris Dickson: $15 million (yachting, property)

3. David Tua: $12 million (boxing)

4. Jonah Lomu: $10 million (rugby, endorsements)

5. Cody Forsyth: $9.5 million (veteran polo player)

6. Michael Campbell: $9 million (golf)

7. Frank Nobilo: $8 million (golf)

8. Russell Coutts: $7 million (yachting)

9 = Lance O'Sullivan: $6.5 million, Aaron Slight: $6.5 million (motorbike and car racing)

11. Shane Dye: $6.5 million (jockey)