The wealth of many billionaires in New Zealand dwindled significantly leading to most of them disappearing from Forbes list this year as only two billionaires from the country were mentioned in 2015 Forbes list of richest people in the world. In spite of that, the country is still a home to several other billionaires and millionaires who are bent on breaking records. Read on to see the list of the richest people in New Zealand, and how they earn their fortunes.
10. FAY Sir Michael
Net Worth: $830 million
Industry: Merchant Banking
Michael Fay is a merchant banker in New Zealand. He is a partner in the merchant bank Fay Richwhite. Fay Sir Michael is the tenth richest man in New Zealand. He earned his personal fortune during the late 1980s and early 1990s, which included the period in which he had a role in the structural adjustment of the New Zealand economy undertaken by New Zealand’s Fourth Labour Government. He is thought to be worth in excess of $ 830 million.
9. Myers Sir Douglas
Net Worth: $ 900 million
Industry: Cashed up, Brewing
Myers Douglas is a New Zealand business tycoon. He is a graduate of both Cambridge University and Harvard Business School. He is the 9th richest man in New Zealand.
Myers played a significant role in Lion for more than 15 years as MD, CEO, and ultimately as chairman in 1997. One year later, in 1998, Myers sold his 45% share holding to Kirin Brewery Company (creating the fourth largest brewing firm in the world) for $312 million.
Though he is semi-retired, living in London, he retains business and philanthropic interests, including a stake in Cameron O’Reilly’s private-equity group Bayard Capital and regularly donating to the Myers Scholarship.
8. Jennings Stephen
Net Worth: $950 million
Stephen Jennings was once the richest New Zealander in the world, worth $5.2 billion in 2008 based on Forbes magazine. He is the 8th richest in New Zealand despite his disappearance from Forbes list after he lost control of his Russian investment bank. As a daring and capable man he is unlikely going to be out of action for long. Odds are he will almost certainly bounce back larger and broader than he used to be.
7. Goodman family
Net worth: $1.1 billion
Industry: Property, Investment
Pat Goodman started Quality Bakers in Motueka in 1968, the company which earned the Goodmans the title of being one of the wealthiest families in New Zealand and Australia.
Though Sir Pat retired from business some 20 years ago, 51-year-old Greg, who started in real estate while still in university, is very much active. He is chief executive of the Australian-based Goodman Group, the biggest industrial property developer in the world and the second-biggest owner/manager of logistic sheds and warehouses.The company controls industrial properties in the globe estimated to worth $A26 billion. It is one of the Australian-listed property sector’s best performers. It pushed up its December 2013 half-year operating profit 11% to $A296 million. The Goodman Group’s latest investment is in Western China where it’s designing and building a 46,700sq m airport logistics park for Yunda Express, one of the largest privately owned express delivery companies in China. Greg Goodman, pockets $A6.16 million annual pay packet and also owns about 30% of his family’s overall net wealth.
6. Friedlander Michael
Industry: Property, Investment
Net Worth: $1.2 billion
Michael Friedlander is known as a tough landlord, controlling a large empire of more than 220 properties all over Auckland. The portfolio of commercial and residential real estate has been built up over many years and now includes a huge parcel of land in the Waikato worth more than $18 million. The family business which comprises Samson Corporation and Sterling Nominees is largely operated by his two sons Jason and Daniel .
The family is heavily media-shy about its several investments but opens up more about its longstanding and generous philanthropy through the Friedlander Foundation.
5. Chandler Christopher
Net Worth: $1.2 billion
Chandler Christopher is Waikato born and bred. Mr Chandler and his older brother Richard got their business acumen from their father, a beekeeper, who became a small-time property entrepreneur. The two brothers moved from New Zealand in 1986 to create the Sovereign group of companies, an investment empire in Hong Kong that had large holdings of $US3.5 billion when they parted ways in a friendly manner in 2006. Afterwards, Christopher invested in his own private multi-billion dollar investment firm Legatum that puts money into companies in developing countries, and also the world’s capital markets. Two years ago Legatum acquired its own building in the Dubai International Finance Centre where it pursues a policy of allocating capital to “businesses and programmes that promote sustainable human development.” His fortune has dwindled recently, making him varnish from Forbes list this year, but there is hope he will get back to his feet soonest.
4. Erceg Family
Net Worth: $1.6 billion
Industry: Liquor, Property
Michael Erceg joined his ailing father’s Auckland-based wine business. He later created what has become one of New Zealand’s most successful alcoholic multi-beverage companies, Independent Liquor. His exceptionally good business career was cut short in 2005 when he died in a helicopter crash, leaving behind a fortune worth an estimated $1.6 billion. Since his death, his family have been involved in a severe legal battles over a trust holding an undisclosed sum of money made from the partial sale of his business.
3. Todd Family
Net Worth: $3.1 billion
Industry: Energy, Investment
The Todd family is the third richest family in New Zealand. The family has made enough money over the years from a multitude of interests. The 200 or more family members have been active in giving away tens of millions of dollars to those in need. The Todd Foundation has donated almost $5 million annually to groups working with children, youth and families, science, energy, the environment and the arts in recent times.
2. Chandler Richard
Net Worth: $3.2 billion
Chandler Richard is a Waikato-raised philanthropist and investor. He is the second richest man in New Zealand even though he continues to free-fall on the Forbes billionaires list. Mr Chandler and his brother Christopher got their start in business in 1986 when they sold their parents’ retailing business to found emerging market investment firm Sovereign Global.
The publicity-shy New Zealand citizen billion Richard Chandler, moved to Singapore in 2006 where he runs Chandler Corp, his personal investment fund. Assets include a 19% stake in NYSE-listed Canada-based InterOil Corporation, with operations in Papua New Guinea and close to 10% in African Oil, a Canadian explorer that discovered Kenya’s first crude with partner Tullow Oil in 2012. Chandler has been reshuffling his portfolio; he sold his stake in global education business Nobel Education Network last November for an undisclosed amount.
1. Hart Graeme
Net Worth: $7 billion
Industry: Packaging, Investment
Graeme Hart is a New Zealand business tycoon and the richest person in the country. He has built a packaging empire using leveraged buyouts to pick up under-performing businesses that make everyday products including milk cartons, water bottles, paper and foil. Now his Rank Group is disposing off some subsidiaries in an apparent move to pay down his debts. In November 2014, his Reynolds Group Holdings, popular for its aluminum foil Reynolds Wrap, sold subsidiary SIG, maker of cartons for V8, Ocean Spray, Dole, and other brands, for $4.7 billion. Just he and Chandler Richard made the Forbes list of billionaires in the world this year.