The man, who lived in Wanaka, was pronounced dead at the scene.
His body had been removed by helicopter from the crash site, about 200m below the Treble Cone skifield Rd.
His name and other details would not be released until next of kin had been notified.
The speedflying wing is distinct from paragliding but sports enthusiasts say the techniques are different, using a combination of the skills used in paragliding and sky-diving. The sport is considered to be similar in risk to base jumping and requires a high level of flying skill.
It involves launching from a mountain and flying and skiing down, using a specialised wing, at speeds of up to 100kmh.