Wednesday, November 29, 2017

New Zealand Inequality

There were five New Zealanders who own more than US$1 billion (NZ$1.44b) compared to three last year. Based on data from Oxfam, two New Zealanders were worth the same as the poorest 30 per cent of the adult Kiwi population. Those two New Zealanders are Richard Chandler, with a wealth of $3.8 billion, and Graeme Hart, with a wealth of $9b. 

In Australia, two billionaires had the same amount of wealth as the bottom 20 per cent of the population.
New Zealand's wealth inequality is almost four times that of Australia; 18 per cent of New Zealanders have a net worth below US$10,000, compared to only 5 per cent of Australians.
Nearly 1.8m New Zealanders own between US$100,000 of wealth and US$1m, and almost 204,000 people own more than US$1m.

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