New Zealanders aged 55 and over now own more than half of the country's total net wealth, largely thanks to the house price boom in the past decade.
Roy Morgan's "state of the nation" report says the 55-plus group has increased its share of net wealth from 43 per cent in 2002 to 52 per cent last year. Their share of the population also rose in the same period, but only from 19.5 per cent to 24.7 per cent.
![The Net Wealth of New Zealanders 55+](https://www.nzherald.co.nz/resizer/v2/XDSVPSBK6MHP2F7TEC7BYGABIM.gif?auth=064c5c2c9f31c0ae6c17d6272c7dea21b955b15d870eced486a5053ae34c6657&width=16&height=17&quality=70&smart=true)
The value of their own homes accounted for 56 per cent of their wealth a decade ago, and 70 per cent last year. But their incomes have also been boosted by staying at work longer. Almost half (48 per cent) of the 55-plus group are now in the paid workforce, up from 35 per cent in 2002, and they now account for almost a quarter of the total workforce.
Roy Morgan chief executive Michele Levine said the growing numbers of older people should be seen as an asset for the country, rather than a burden.