New Zealand is set to see its ultra-wealthy population grow by an estimated 50% over the next five years a recent article by Forbes pointed out. The number of millionaires in New Zealand grew by third over the past five years and the country became so wealthy that you will need at least $2.8 million to join the ranks of the top one percenters.
New Zealand’s richest citizen has seen his fortune grow by an estimated $3.5 billion since the start of the pandemic to a net worth of $7.2 billion. The 65-year-old is a serial buyer of superyachts and obtained an MBA from the University of Otago. Most of his fortune was made overseas and Hart had a preference for buying underperforming and undervalued companies with steady cash flows. This billionaire prefers to keep out of the spotlight and makes few public appearances.
The Todd Corporation is a private New Zealand company that has interests in oil and gas exploration and production, energy retailing, electricity generating, minerals, property development, healthcare, telecommunications, technology and wine. Todd Corporation is estimated to be worth $4.3 billion and has a long family history dating back to 1884.
With an estimated net worth hovering at the $2.4 billion mark this New Zealand native relocated to Singapore in 2006 where he now runs Clermont Group. Portfolio interests of the group includes healthcare, financial services and aerospace. Chandler previously co-founded the investment firm Sovereign Global with his brother, Christopher Chandler, who now runs Legatum Group in Dubai.
This property developer and racehorse owner had a net worth of around $2 billion. At 17 years old Eamon started his own building business and by time he was in his twenties he had started his own precast concrete and reinforcing steel company. The Irishman grew his fortune converting cheap farmland in New Zealand into dairy farm operations during the 1990’s recession. He has established business in New Zealand, Europe, Argentina, Chile and the USA. Eamon is also known for breeding Annie Power, who in 2016 became the first mare for 20 years to win the Champion Hurdle. This Irish Thoroughbred won 15 of her 17 races and specialized in hurdle racing. Cleary lost a six month battle to cancer at 52 years old.
Not surprisingly the brother of Richard Chandler makes the list of wealthiest people in New Zealand with an estimated net worth of $1.7 billion. The Chandler brothers formed the investment firm Sovereign Global in 1986. The focus was on transitioning industries in Russia, Latin America and Eastern Europe. The Chandler brothers were among the biggest investors in emerging markets like Brazil, the Czech Republic and Russia. Legatum Group is a private, multibillion-dollar investment firm that has interests in developing countries as well as the world’s capital markets.
According to Savills the wealthier 0.003% of the world’s population have real estate holdings which are worth on average $26.5 million each. Real estate and technology have proved to be sound foundations upon which the wealthy have built.