Multi millionaire numbers in NZ double in 10 years

The number of multi-millionaires in New Zealand is approaching double what it was 10 years ago, a new report has found. Photo / 123RF

The number of multi millionaires in New Zealand is approaching double what it was 10 years ago, a new report has found.

According to the 2017 Knight Frank Wealth report, these numbers were bolstered by the country's ability to attract high net-worth individuals.

The report found there were 98,800 millionaires in New Zealand last year compared to 89,000 in 2015 and 52,000 in 2006.

The number of those worth more than $10m has also sharply increased from 1520 in 2006 to 2600 in 2015 and 2890 last year.

Those worth more than $30m rose at a similar rate from 460 in 2006 to 790 in 2015 and to 880 in 2016. The number of individuals worth over $100m rose from 47 in 2006 to 80 in 2015 and 89 in 2016.

The number of billionaires was three, the same as in 2015. There were two billionaires in 2006.

The report's authors said that New Zealand was among a handful of countries, which also included Canada, Qatar, Monaco, Israel and Australia, which enjoyed significant growth in their "ultra-wealthy" populations last year.

"What these countries share is the ability to attract migrating HNWIs [high net-worth individuals] and to offer a fiscal and political 'safe haven' as well as excellent quality of life - which, as we have already seen with reference to Australasia in particular, will be a recurring theme over the next decade."

Furthermore, Australasia was expected to see a 70 per cent rise in "ultra high net worth individuals" between now and 2026.

"The ongoing migration of wealthy people to Australia and New Zealand is helping to underpin wealth populations," the report said.

"In addition, there has been some recovery from the commodity price crash of 2015, along with resilient stock market performances and robust real estate returns. In the future, this region will have the attraction of good economic fundamentals and 'safe haven' status."

Auckland was singled out as one of the world's "key urban hubs" for rich people and said it was doing "exceptionally well" and had reason to be optimistic for the next decade.

It reported that New Zealand's biggest city had 25,600 millionaires last year, 880 worth upwards of $10m and 310 worth more than $30m.

The report said that looking ahead to the rest of 2017 there was no doubt that the world was at a crossroads.

"The global milestones of 2017 will include the first year of Donald Trump's presidency, the opening overtures of the UK's Brexit negotiations, pivotal German and French elections and a critical succession of power in China. All have the potential to be as far reaching and influential on wealth creation and wealth flows as the global financial crisis."

In New Zealand, it forecast that by 2028 there would be 168,000 millionaires, 4910 individuals would be worth more than $10m, 1500 worth over $30m, 151 worth over $100m and five billionaires.

The report was compiled from various sources including Knight Frank itself, its UK subsidiaries and its network of independent overseas entities.