Rich lister: Give away some of the 'obscene' money

James Wallace encourages his fellowrich listers to give to charity. Photo / Doug Sherring

Sir James Wallace wants his fellow rich listers to stop being so tight and give more to charity.

He doesn't put it quite like that - he is, after all, a genteel patron of the arts aged in his mid-70s - but that's the translation.

"If the inequality was balanced out by greater philanthropy then society would benefit," he says. "But it's not."

Those at the top are not contributing to society as much as they should, "some, not at all to speak of".

Sir James - estimated by the NBR Rich List to be worth more than $120 million - says there are "absolutely" growing inequalities in New Zealand.

"At the top end we've got people, professionals, in company management and so on, earning obscene amounts of money from the big corporates," he says.

"It's absolutely obscene compared to the people who are making these things work."

By obscene, he means more than $500,000. Above that and it's out of proportion with the average wage of the organisation they're running.

Sir James was born into the meat rendering industry: his family ran a huge factory in the Waikato, boiling down animal remains to make glue and shoe soles and whatnot.

His parents sent him to prep school in the US and then he went hitchhiking around Europe as a 17-year-old. He returned with a love of art and, a few years later, began his collection by buying a Toss Woollaston watercolour.

Now, he lives in the historic Pah Homestead, which houses the James Wallace Arts Trust's collection of contemporary New Zealand art.

His trust owns the mansion, and he pays $1000 a week in rent to live there. The NBR says the house contains 6000 works worth about $50m.

He supports numerous theatre, dance and music charities, and makes the money to do so through his inherited meat business.

Sir James says he gives away pretty much every spare dollar he has, although he does admit to the odd treat for himself. He enjoys skiing and travel-oh, and he drives a Porsche.