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New Zealand’s richest now hold New Zealand dollar 102.1 billion (Rs 5.17 lakh crore), as inequality rises and calls for a wealth tax grow.
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Updated : Jun 10, 2025, 06:26 AM IST
 "New Zealand's richest now hold New Zealand dollar 102.1 billion as inequality grows, says 2025 NBR rich list")
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The total wealth of New Zealand’s richest people has reached a massive New Zealand dollar 102.1 billion (around Rs 5.17 lakh crore), according to the 2025 National Business Review (NBR) Rich List. This marks an increase from New Zealand dollar 95.55 billion (approx. Rs 4.84 lakh crore) recorded in 2024. The growing gap between the rich and the average citizen is raising fresh concerns about wealth inequality in the country.
Once again, the top spot on the Rich List was taken by the Mowbray brothers, Nick and Mat, who are the founders of Zuru Toys. Their combined net worth is now New Zealand dollar 20 billion (roughly Rs 1.01 lakh crore), making them the richest individuals in New Zealand. This year, the country also saw an increase in the number of billionaires, from 16 last year to 18 in 2025.
While ordinary New Zealand households struggled with economic challenges and rising living costs in 2024, the country’s wealthiest individuals continued to see their fortunes grow. In fact, the average household wealth dropped by New Zealand dollar 4.185 billion (approx. Rs 2,12,330 crore), painting a clear picture of deepening inequality.
This year’s Rich List welcomed around a dozen new names, whose combined wealth totals New Zealand dollar 4.3 billion (about Rs 2,18,250 crore). Among the notable new entrants is Jamie Beaton, co-founder of Crimson Education, who has a net worth of New Zealand dollar 220 million (around Rs 11,180 crore).
There was also a focus on women in business, as two women, Anna Mowbray and Lucy Liu, made it to the main Rich List for the first time since 2019. Anna, a former Zuru Toys co-founder, is now worth New Zealand dollar 500 million (roughly Rs 25,430 crore) and ranks 47th. Lucy Liu, co-founder of fintech company Airwallex, has a net worth of New Zealand dollar 700 million (approx. Rs 35,600 crore), placing her at 30th. NBR also launched a new Women’s Rich List, featuring 14 successful women, each worth between New Zealand dollar 20 million and New Zealand dollar 100 million (Rs 1,017 crore to Rs 5,086 crore).
However, not everyone on the list saw gains. Some retail giants such as Rod Duke (Briscoes) and Sir Stephen Tindall (Warehouse Group) experienced a drop in fortunes. Jim and Rosemari Delegat also fell out of the billionaire category, with their wealth now estimated at New Zealand dollar 235 million (approx. Rs 11,950 crore), due to international tariffs affecting their wine exports.
Interestingly, despite a cooling property market, many real estate investors either maintained or increased their wealth.
Prime Minister Christopher Luxon responded positively to the Rich List, calling it a celebration of ambition and success. However, the Green Party strongly criticised the growing wealth gap and renewed its call for a wealth tax, arguing that the rise in billionaires during a cost-of-living crisis shows the urgent need for action to reduce inequality.
