The celebrity of big money

Rich men such as Bill Gates, Terry Serepisos and Richard Branson (pictured) are as much celebrities as movie stars are. Photo / Herald on Sunday

Business celebrities such as Sir Richard Branson, Bill Gates and Donald Trump worry about publicity as much as Hollywood stars but face growing criticism for "prancing about like Big Brother contestants".

Demystifying Business Celebrities, a book co-authored by Auckland University's professor Brad Jackson, says today's business leaders have to worry about more than running a business.

"The proliferation of media channels and the encroachment of celebrity culture mean business leaders have to worry about reputation, fame and the way that celebrity works too," the authors say.

Business celebrities, like their Hollywood counterparts, depend almost as heavily on photographers, journalists, and public relations professionals to promote them to the public.

Millionaire Wellington property developer and Phoenix football team owner Terry Serepisos, who is to be New Zealand's answer to Trump as the host of a local version of reality TV show The Apprentice, says: "Whether someone is famous because they are on camera or famous because they are rich, it's the same deal. Everything top-flight businessmen do is scrutinised."

The book acknowledges many argue that "the business celebrity is a Johnny-come-lately to the media spotlight who should stop prancing about like a Big Brother contestant and stick to his balance sheets".

But it contends that business celebrities are not a superficial phenomenon distracting managers from real business issues.

The authors say business celebrities are not just people who have made it big because they are good at what they do, but are often widely celebrated in the media for their success, deservedly or otherwise. If these icons didn't exist, the media would have to create them.

It is ironic, Jackson says, that New Zealanders are more familiar with names such as Australian media mogul Rupert Murdoch than that of Kiwi multi-billionaire Graeme Hart, who tends to shun publicity.

The reason has to do not just with the tall poppy syndrome, but also with "the peculiar phenomenon of celebrity, and the way it works its magic".

Twentieth century media created the notion of business leaders such as John D. Rockefeller or J.P. Morgan as figures to be revered and emulated, self-made, patrons of the arts and humanitarian philanthropists, Jackson says.

"Business celebrities represent the possibility and desirability of untrammelled individual agency, power and distinction in a complex world."

Or, as Serepisos says, business celebrities inspire people and show the dream life many desire: "Being able to travel the world whenever you want and live in great places".