Hart retains top spot on Rich List as kiwis' wealth shrinks

Friday 24th July 2009

Graeme Hart, whose investments range from packaging to food, held onto his top spot on the National Business Review’s 2009 Rich List, which showed the impact of the credit crunch and global economic slump has trimmed the net worth of New Zealand’s wealthiest people.

Hart’s wealth fell $500 million to an estimated $5.5 billion in the latest Rich List survey, keeping him comfortably atop the list he has led for seven of the past eight years. The global financial crisis cut the combined wealth of Rich Listers by $5.7 billion to $38.7 billion, and resulted in 17 being dropped from the list.

The Todd family, with interests in energy, mining and media companies, was second on the list, with an estimated $2.6 billion, unchanged from a year earlier. Dairy farm and property investor Eamon Cleary ranked third, with his wealth falling by $100 million to $2 billion.

Fund managers Richard and Christopher Chandler, who oversee Sovereign Asset Management, had a combined wealth of $3.6 billion, rank fourth, according to the NBR’s annual survey.

Lynette Erceg, widow of liquor baron Michael Erceg, was sixth-ranked, at $1.2 billion, down $200 million.

Rich List valuer Neville Glaser said it was clear 2008-2009 wasn’t a good year to be wealthy, according to the NBR.

Businesswire.co.nz

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