Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 

30% of the country own less wealth than NZ's 2 richest men

16 January 2017

New Zealand’s two richest men own more wealth than 30 per cent of the country

Two New Zealand men own more wealth than the poorest 30 per cent of the adult population, according to new research to be released today [Monday] by Oxfam.

The research also reveals that the richest one per cent have 20 per cent of the wealth in New Zealand, while 90 per cent of the population owns less than half of the nation’s wealth.

The research forms part of a global report released to coincide with this week’s annual meeting of political and business leaders at the World Economic Forum in Davos, Switzerland. New Zealand Trade Minister Todd McClay is expected to attend the gathering, which focuses on global politics, economics and social issues.

The full report, called An economy for the 99 per cent and released at 1pm this afternoon [Monday], will reveal startling global figures and show that the gap between rich and poor is greater than previously thought. It will also reveal how globally big business and the extremely wealthy are fuelling the inequality crisis by avoiding taxes, driving down wages for their workers and the prices paid to producers, and investing less in their business, say Oxfam.

Rachael Le Mesurier, executive director of Oxfam New Zealand, said: “We were shocked to discover the level of wealth inequality in our country.

“The gap between the extremely wealthy and the rest of us is greater than we thought, both in New Zealand and around the world. It is trapping huge numbers of people in poverty and fracturing our societies, as seen in New Zealand in the changing profile of home ownership.

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

“It is an issue of massive national and global importance which must surely shape the promises of our politicians in this election year.

“New Zealanders love fairness, not inequality. The Government should be tackling inequality here and globally, by cracking down on tax avoidance wherever it is, and using that money to make our country, and the global economy, a fairer place. This wouldn’t just be the right thing to do, a more fair economy would also be simple common sense and enormously popular with New Zealanders.”

The Oxfam research highlights the gap between the wealth of individuals, as opposed to disposable income.

The two richest New Zealanders are Graeme Hart and Richard Chandler. They own wealth of US$6.4billion and US$2.7billion respectively. Last year Singapore-based Chandler was named as using Mossack Fonseca, the law firm at the centre of the Panama Papers tax avoidance controversy.

The number of the wealthiest New Zealanders leaped by almost 20 per cent between October 2015 and June 2016, from 212 people worth more than NZ$50million to 252, according to the Inland Revenue’s high-wealth individuals unit. Over a third of the 252 extremely wealthy declared income of less than NZ$70,000 in 2015. NZ$70,000 is the point where the top tax rate kicks in. The 252 are linked to over 7,500 entities. A number of these entities were reported last year to be in dispute with the IRD over nearly $111million in tax.

Oxfam’s 2017 report is the most recent in a series of reports that has analysed economic inequality and its drivers. Each of these reports was published to coincide with the annual meeting of the World Economic Forum in Davos. Each year the report has included an analysis of wealth inequality which draws on data from the Credit Suisse Global Wealth Databook and the Forbes list of billionaires. This Credit Suisse databook is produced annually and is widely recognized as providing the best available data on global wealth.

ENDS

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines



Gordon Campbell: On Dune 2, And Images Of Islam


Depictions of Islam in Western popular culture have rarely been positive, even before 9/11. Five years on from the mosque shootings, this is one of the cultural headwinds that the Muslim community has to battle against. Whatever messages of tolerance and inclusion are offered in daylight, much of our culture tends to be hostile to Islam when we’re sitting in the dark, with popcorn.
Any number of movie examples come to mind, beginning with Rudolf Valentino’s role (over a century ago) as the romantic Arab hero in The Sheik...
More


 
 


Government: One-stop Shop Major Projects On The Fast Track

The Coalition Government’s new one-stop-shop fast track consenting regime for regional and national projects of significance will cut red tape and make it easier for New Zealand to build the infrastructure and major projects needed to get the country moving again... More

ALSO:


Government: GPS 2024: Over $20 Billion To Get Transport Back On Track
Transport Minister Simeon Brown has released the draft Government Policy Statement (GPS) on Land Transport, outlining the Coalition Government’s plan to build and maintain a transport system that enables people to get to where they need to go quickly and safely... More

ALSO:

Government: Humanitarian Support For Gaza & West Bank

Winston Peters has announced NZ is providing a further $5M to respond to the extreme humanitarian need in Gaza and the West Bank. “The impact of the Israel-Hamas conflict on civilians is absolutely appalling," he said... More


Government: New High Court Judge Appointed

Judith Collins has announced the appointment of Wellington Barrister Jason Scott McHerron as a High Court Judge. Justice McHerron graduated from the University of Otago with a BA in English Literature in 1994 and an LLB in 1996... More

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels


 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.