PHOTO: Kiwi millionaires
A global wealth report has revealed that 185,000 New Zealanders – more than the population of Hamilton – can now claim to be millionaires in US dollar terms.
According to Credit Suisse’s 10th annual Global Wealth Report, this is up from 16,000 in 2010.
But Infometrics senior economist Brad Olsen said most of this wealth was locked up in property.
“The really rapid house price growth we’ve seen over the last couple of years has been the key driver in that change around just how many Kiwis seem to be millionaires or not.
“Certainly on paper they might be millionaires. In terms of whether they feel like millionaires in their homes, that might be a different picture.”
Overall, New Zealanders’ average wealth per adult rose by just under $NZ14,140 ($US9000) in the 2018/19 financial year.