The owners of a toy company have been named NZ’s wealthiest people

PHOTO: Zuru. SUPPLIED

The Mowbray family, founders of the toy company Zuru, have been named the wealthiest people in the country, dethroning Graeme Hart, who held the top spot for over 20 years.

The Mowbrays, who began their company in their Cambridge garage, now lead NBR’s 2024 Rich List, released on Monday.

Brothers Mat and Nick Mowbray wholly own Zuru, with NBR estimating their net worth at $20 billion, while Hart’s value stands at approximately $12.1 billion.

Zuru Group, established more than two decades ago, operates across three divisions—toys, consumer goods, and construction—with over 5,000 employees in more than 30 locations worldwide.

In a recent NBR interview, 39-year-old Nick Mowbray mentioned that Zuru is on track to achieve $3 billion in revenue this year, aiming for $10 billion in annual turnover within the next five years.

The NBR acknowledged that previous estimates had undervalued the Mowbrays, who were estimated at $3.2 billion last year, based on interviews and analysis of comparable listed companies.

“Zuru describes itself as a robotics and automation company focused on continuous improvement, automating at least one new process a week, resulting in highly efficient factories,” said NBR List editor Hamish McNicol.

Nick Mowbray of Little Rascals and Zuru speaks at the Better By Design CEO Summit 2019. (Source: Getty)

“This focus has made the group highly profitable and debt-free, marking Zuru as one of New Zealand’s most remarkable business successes.”

The group is currently working on a project to automate property construction. About a year ago, Zuru acquired a 25-acre factory in China, which will be its first full production factory for houses, with the first unit expected to be completed early next year.

“If Zuru revolutionizes the building process, its potential scale is almost limitless,” McNicol added.

This year’s NBR List reports a collective wealth of $95.68 billion, a significant increase from last year’s $72.59 billion.

The top 10 are all billionaires, collectively worth over $50 billion.

The wealth of baby boomers is beginning to transfer to the next generation, with some ‘Listers’ planning investments on a 100-year horizon. The NBR examined who stands to inherit this wealth and their potential plans, noting that while some are giving it away, others are setting up family offices and investment vehicles to ensure their legacy continues.

“This historic wealth transfer will likely impact jobs, real estate, and the overall economy,” McNicol said.

SOURCE: TVNZ