McKenna leads charge up the Rich List

Apartment developer Nigel McKenna has surged to the top of the list. Picture / Richard Robinson

Property developer Nigel McKenna has proved the most adept at increasing his fortune over the past year, according to the 2005 National Business Review Rich List.

The NBR estimated that his wealth had risen from $25 million in 2004 to $75 million this year, largely the result of completing major property projects.

This gain of 200 per cent outstrips the increase of all other Rich List entrants for whom there is two years of consecutive data.

McKenna, the list notes, is turning large areas of Auckland's CBD fringe into some of the city's most exclusive apartments. The most notable is the completion of the Stratis apartment development near the former America's Cup village.

Across the other side of town above Quay Park, he is developing a twin for his UniLodge on Anzac, student-oriented units with common-area kitchens and bathrooms. The new block is UniLodge on Beach.

McKenna is also building The Grand, a controversial 24-level 477-unit apartment block near the Hyatt Hotel, rising alongside the 17-level 154-unit Connaught, whose residents tried to stop him.

He is followed by tourism entrepreneur Andrew Bagnall, who last year floated Gulliver's travel group.

The NBR says Bagnall's strong rise in wealth from $68 million to $185 million, a gain of 172 per cent, reflects a conservative valuation the prior year. It also highlights difficulties in assessing corporate wealth.

The number three wealth generator is Mark Hotchin, who has a half share in finance group Hanover.

His wealth grew from $150 million to $400 million. (Hotchin's Hanover partner, Eric Watson, saw his wealth rise from $275 million to $400 million, earning him the number 13 spot in the list of wealth generators.)

Hanover has set its sights on building a $6 billion company.

Watson and Hotchin are also developing property in Australia, the US and Britain.

High earning women on the list include Compaq's Annette Presley and her husband Malcolm Dick, at $70 million; and Pumpkin Patch founder Sally Synott ($37 million).

The sector leaders:

* Wine: Delegat, J&R - $95 million.
* Autos: Colin Giltrap - $285 million.
* Transport: Owen Glenn - $1.1 billion.
* Tourism: Andrew Bagnall.
* Retail: Liquor merchant Michael Erceg - $620 million.
* Technology: Sausage Software entrepreneur Steve Outtrim - $110 million.
* Property: The Goodman family - $950 million.
* Financial services: Mark Hotchin.
* Primary industry: The Goodfellow fishing dynasty - $410 million.

* Richest people: The Chandler brothers top the investment stakes with $4 billion, through Dubai-based Sovereign Asset Management.

* Graeme Hart, with $2 billion and owner of NZ Dairy Foods and a controlling share of Aussie food company Burns Philp, is the largest manufacturer.

* Film director Peter Jackson tops the media wealthy with $400 million.