Hart's wealth falls but he retains top spot in NBR's 30th anniversary rich list

Thursday 28th July 2016

New Zealand's richest man, Graeme Hart has seen his wealth plummet in this year's National Business Review rich list to $7 billion from $9 billion as the publication marks the thirtieth anniversary of its annual examination of the country's top businessmen and women.

The decline reflects the performance of some of Hart's debt-laden businesses, with the American car parts manufacturer UCI International filing for bankruptcy protection.

Singapore-based investor Richard Chandler is second, with his wealth put at $4.2 billion, up from $4 billion a year earlier, but below the $5 billion he achieved in 2012. The Todd family were third with their wealth assessed at $3.3 billion, up from $3.1 billion.

Some of the newcomers on the list include Geoff Ross, who sold his vodka business 42 Below for $138 million in 2006. While that wasn't enough to give him a place on the list, the share performance of Trilogy, a skincare and cosmetics supplier which he chairs, has elevated his status. Trilogy's shares have risen from 95 cents a share a year ago to $4.32 now.

Christchurch businessman Greg Tomlinson, who holds a 10% stake in Heartland Bank, has also joined the list. He also retains a stake in a chain of 16 retirement homes he established, which were sold into an Australian joint venture.

Lord of the Rings and Hobbit film-maker Sir Peter Jackson is 15th, with his wealth put at $630 million.

Prime Minister John Key is joint 175th equal with wealth of $60 million, reflecting his previous career as a currency trader and investor.

BusinessDesk.co.nz

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