Hart retains top spot in NBR Rich List, followed by newcomer Thiel

Monday 24th July 2017

Graeme Hart, New Zealand's richest man, kept the top spot in this year's National Business Review Rich List while San Francisco-based billionaire investor Peter Thiel - granted citizenship in 2011 - was in second place and was one of the newcomers who helped push the total value of the list up 10 percent to just over $80 billion.

Packaging magnate Hart is worth $7.5 billion, according to the annual list, down from $9 billion in 2015 but up from last year's $7.0 billion. Thiel - whose New Zealand citizenship has been the source of controversy after it came to light his citizenship was approved under the "exceptional circumstances" provisions of the Citizenship Act - is worth $3.7 billion. Third on the list is the Todd Family, with $3.5 billion, up from $3.3 billion a year ago. The Todd family interests are in energy and property. Former Prime Minister John Key remains on the list with a net worth of $65 million.

The overall value of the list was bolstered by 19 newcomers worth $6.4 billion, according to NBR, led by manufacturing, insurance, aviation, agro-business and funds management businesses. Along with Thiel, other newcomers include Chris Liddell, whose net worth is $120 million. According to NBR, being appointed as a strategic adviser to US President Donald Trump has come at a cost for expatriate Kiwi businessman Chris Liddell, with the mandatory disclosure of his potential wealth for all to see. Other newcomers include the Mowbray family, with a net worth of $120 million, thanks to their global toy company Zuru Inc, which makes the so-called Bunch-o-Balloons, a device that fills 100 water balloons in 60 seconds.

Only 20 members of the list saw their wealth lose value, including Richard Chandler, whose net worth dropped to $2 billion from $4.2 billion. According to NBR, a slump in oil prices has hit the exploration industry hard, and his banking investments in India and Nigeria appear to be going through a particularly rough patch. While Chandler's net worth took a hit, he is still in fourth place on the overall list of more than 200 people with a net worth of over $50 million. Orion Health founder Ian McCrae saw his net worth fall to $125 million from $350 million as the share price took a tumble.

The Rich List also includes five foreign billionaires who have business interests and investments in New Zealand. Alexander Abramov was worth $6 billion, according to the Rich List's assessment while Julian Roberston, who built his wealth with the Tiger Management hedge fund and owns luxury lodges in New Zealand, was worth $5.3 billion. Bill Foley, who has built a portfolio of wine businesses in New Zealand, was worth $1.7 billion. Soichiro Fukutake - a newcomer to the list - was worth $1.4 billion while movie maker James Cameron who is best known for blockbusters Titanic and Avatar, was worth $1.4 billion.

(BusinessDesk)

Comments from our readers

No comments yet