NZ’s richest pass $100 billion mark in latest rich list, while average Kiwis lose wealth

New Zealand’s wealthiest individuals and families collectively hold a staggering NZ$102.1 billion, marking a rise from NZ$95.55 billion in 2024, according to the 2025 National Business Review (NBR) Rich List. The Zuru Toys founders, brothers Nick and Mat Mowbray, retained their top position, with a net worth of NZ$20 billion. They lead a national tally that now includes 18 billionaires, up from 16 in the previous year.

Despite the broader economic challenges facing households in 2024, those on the Rich List experienced increasing wealth. By contrast, the average New Zealand household's net worth dropped by NZ$4.185 billion.

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Newcomers boost big wealth total

The list saw around a dozen newcomers, with a combined wealth of NZ$4.3 billion, pushing the total to over one-third of national GDP. Notable additions include:

• Jamie Beaton, co-founder of Crimson Education, is valued at approximately NZ$220 million.
  
  

Other first-time entrants include families and entrepreneurs who built wealth over decades.

Women represented, launch of women’s list

For the first time since 2019, two women made the main list:

• Anna Mowbray, former Zuru co-founder, is now worth NZ$500 million, ranking 47th.
  
  
• Lucy Liu, Airwallex co-founder, valued at NZ$700 million, sits at 30th.
  

The NBR also introduced a Women’s Rich List, profiling 14 top female business leaders, each valued between NZ$20 million and NZ$100 million.

Sector winners

Some longstanding retail fortunes slipped. Notable downshifts included:

• Rod Duke (Briscoes) and Sir Stephen Tindall (Warehouse Group).
  
  
  
• Jim and Rosemari Delegat fell from billionaire status to approximately NZ$235 million due to US tariffs affecting their winemaking business.
  
  
  

Meanwhile, several property investors retained or boosted their wealth amid a challenging market.

Political and social reaction

Prime Minister Christopher Luxon's response to the Rich List publication today was telling. When asked about 18 billionaires in a cost-of-living crisis, he gushed that it is fantastic that we have people with ambition, aspiration, and positivity, and that we should be celebrating success.


However, the Green Party reiterated its claim for a wealth tax, citing rising inequality illustrated by the concentration of global wealth.