Rising numbers of Kiwi ultra-rich

Graeme Hart is New Zealand's richest man. Photo/Michael Bradley.

The number of ultra-wealthy people living in New Zealand jumped by 11 per cent last year - growing faster than the global growth rate.

The Wealth Report, a global research document produced by property firm Knight Frank, calculates the number and growing or shrinking wealth of the world's multi-millionaires - those with US$5m plus, ultra-wealthy who have US$50m plus and demi-billionaires - US$500m or more.

Last year the world's ultra-wealthy population increased by 10 per cent with Russia and Latin America seeing the fastest growth at 26 per cent and 20 per cent.

Vincent White, managing director at the Wealth-X Institute - a global wealth information and insight business - said it had been an auspicious time for wealth creation. Picture / file

North America has the highest number of ultra-rich at 44,000 people but in 2017 Asia overtook Europe and now has the second-highest number at 35,880.

While the number of demi-billionaires rose 11 per cent globally to 6900 people.

Vincent White, managing director at the Wealth-X Institute - a global wealth information and insight business - said it had been an auspicious time for wealth creation.

"We have been experiencing 'Goldilocks' economic conditions: not too hot, and not too cold. These make it easy to do business, provide a good environment to raise capital and, above all, encourage entrepreneurialism – the key to wealth creation"

The report shows the number of Kiwi multi-millionaires increased from 5850 to 6470 between 2016 and 2017 while the numbers of ultra-wealthy rose from 350 to 390 people over the same period.

And it predicts even more growth to come with the number of Kiwi multi-millionaires expected to rise 32 per cent by 2022 while the numbers of ultra-wealthy will rise 31 per cent.