Tuesday, June 28, 2016

NZ's rich getting richer

The gap between rich and poor has widened in the last decade, the new figures from Statistics NZ show. The richest 10 percent of Kiwis have hoarded more than half the country's wealth, with the bottom 40 percent scraping by with only 3 percent. The top 5 per cent of individuals held around 45 per cent of the wealth, while the top 1 per cent held about 22 per cent. Between 2003 and 2010, the top 10 percent had around 55 percent of the wealth. This has expanded to 60 percent over the last five years.

As of June 2015, the average household net worth was $289,000 -- but one in 20 households owe more than they own.
Houses make up the bulk of most families' non-financial assets, accounting for 59 percent. Mortgage debt accounts for more than 60 percent of their liabilities, however. "Nearly three in five New Zealand households living in their own home had a mortgage, with a median mortgage value of $172,000," says labour market and households statistics senior manager Diane Ramsay. "Overall, for every $1 of assets they have, New Zealand households have 12 cents of debt." http://www.newshub.co.nz/business/nzs-rich-getting-richer-new-figures-show-2016062811#axzz4CplH9xEd

Inequality is stark between ethnic groups.
European/Pakeha have a median individual net worth of $114,000
Asian, $33,000
Maori, $23,000
Pacific, $12,000.

World Socialist Party (NZ) website:
E-mail: wsp.nz@worldsocialism.org

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