Longer rich list hints at stable economy

The top 10 on the rich list has remained largely the same as last year with packaging magnate Graeme Hart on top. Photo / Dean Purcell

Troubled businessman Terry Serepisos is out, Prime Minister John Key is up $5 million, and Sir Peter Jackson's movie empire is making him one of the richest businessmen in the country.

The National Business Review annual rich list charts the rise and fall of New Zealand's handful of billionaires and growing number of multi-millionaires, in a compilation which hinted at a stabilising economy after two years of turmoil.

Editor-in-chief Nevil Gibson said international wealth trends showed the number of wealthy individuals continued to rise - 100 men, three women, 39 families and eight couples made it on to the list, which has an entry threshold of $50 million.

This allowed Prime Minister John Key to squeeze in at equal 52nd place. His fortune rose $5 million from last year to $55 million, boosted by his business interests in an Aspen, Colorado ski resort, and shares in Bank of America and the mining company Cauldron.

In a recent Independent newspaper list, he was ranked the world's 18th most wealthy leader.

Sir Peter rose six spots on the list from last year to 11th.

His fortune grew $50 million during the year to $500 million after the success of his production District 9, which grossed $312 million from a budget of $45 million.

His rise in the ranks pointed to a new breed of multi-millionaires who made their money from ideas, imagination and innovation rather than in tangible things.

While the top 10 on the rich list remained largely the same as last year - with packaging magnate Graeme Hart on top - film-makers, IT businessmen, publishers and entrepreneurs were increasingly rubbing shoulders with the "gold and diamonds" crowd.

Joining Sir Peter in this category were Trade Me founder and entrepreneur Sam Morgan, dot-com pioneer Steve Outtrim, business academic Dr David Teece, film industry operators Nigel and Susan Stanford, and publisher Wendy Pye.

NBR said many people just below the $50 million threshold were involved in IT and technology.

The rich list indicated that from the top end of the wealth scale, the economy could be bouncing back.

The global market meltdown wreaked havoc on last year's compilation, but this year the total combined rich list wealth dropped just $1 billion from 2009, to a net worth of $38 billion.

Notable omissions were property developer and Wellington Phoenix owner Terry Serepisos and the South Island's wealthiest man, Allan Hubbard.

NBR news editor Ellen Read said Mr Serepisos and Mr Hubbard's financial troubles cast uncertainty over their net worth, and they were left out to preserve the integrity of the list.

Mr Serepisos owed millions to subcontractors and to the Wellington City Council in rates. Mr Hubbard is in statutory management, with two companies and seven trusts being investigated by the Serious Fraud Office.

Another businessman with highly-publicised money problems, Hanover co-founder Mark Hotchin, also dropped off the list. But Hanover investors left out of pocket when the company froze assets worth $554 million could be disgruntled to see co-founder Eric Watson's place on the list - number 23 with $250 million.

The compilation also showed that while the property market has consolidated over the past year, New Zealand's wine industry has been hurt by two years of record harvests and an oversupply of grapes.

But winemakers Jim and Rosemari Delegat, the Giesen family, George Fistonich, Brent Marris and Peter Yealands were secure on the list, due to the maturity of their businesses and the scope of their overseas operations.

Two new inclusions were Rod Drury, whose family trust is the biggest shareholder in Xero, and property developer John Sax.