NZ billionaires generally increased their wealth   30 Jul 2015

NZ billionaires generally increased their wealth, as record 15 new entrants added to NBR Rich List

July 30 (BusinessDesk) - New Zealand's billionaires generally increased their wealth in the past 12 months, according to the National Business Review's 2015 Rich List, which welcomed a record 15 new entrants, bringing the collective wealth of Rich Listers to $68.9 billion.

Packaging magnate Graeme Hart remains atop the list, with his wealth assessed to have increased to $9 billion from $7 billion in 2014. Richard Chandler, the Singapore-based diversified investor was worth $4 billion, up from $3.2 billion a year ago. Of the other individual billionaires, Auckland property investor Michael Friedlander's wealth rose by $200 million to $1.4 billion, while Christopher Chandler, brother of Richard and based in Dubai, saw his wealth slip by $300 million to $1.3 billion.

Two other Kiwis are edging toward the billionaires club. Stephen Jennings, whose Rendeavour property development company is targeting opportunities in Africa, is worth $980 million, according to the Rich List, up from $950 million last year. Doug Myers, the cashed up former beer baron who lives in London, is worth $930 million, up from $900 million in 2014.

The Rich List also gathers up four foreign billionaire entrepreneurs who have business interests and investments in New Zealand. Alexander Abramov, who owns Russia's biggest steel maker Evraz with his brother Roman, was worth $5.96 billion, according to the Rich List's assessment, a jump from $4.5 billion a year ago. He owns a luxury lodge in Northland's Helena Bay. Julian Roberston, who built his wealth with the Tiger Management hedge fund and owns luxury lodges in New Zealand, was worth $4.4 billion, up from $3 billion.

Bill Foley, who has built a portfolio of wine businesses in New Zealand, owns the Wharekauhau Lodge in the Wairarapa and has invested in restaurants, was worth $1.8 billion, up from $1.7 billion. Movie maker James Cameron, who has been acquiring farm land in the Wairarapa and is best known for blockbusters Titanic and Avatar, was worth $1.2 billion, up from $1 billion in 2014.

The Rich List also includes New Zealand's three richest families in its line-up. The Todd family, which today lost 88-year-old patriarch John Todd after a period of illness, was valued at $3.16 billion, from $3.1 billion last year. The Todd family interests are in energy and property. The Erceg family, which is squabbling over the estate of liquor baron Michael Erceg, was worth $1.6 billion, unchanged from 2014. The Goodman family, which built a global business empire from a regional bakery, saw its wealth rise to $1.26 billion from $1.1 billion.

The 15 new names in the list are a mix of old and new. Malcolm Dick returns after an eight-year absence with an estimated fortune of $150 million, having sold the Callplus business he founded to Australia's M2. Business partner Annette Presley has also returned with the sale of Callplus, and is valued at $90 million.

Forbes Elworthy, of the South Canterbury farming dynasty, was valued at $120 million, and Steven Newman was valued at $100 million after the share-market float of Eroad.

Among other high profile Rich Listers, film maker Peter Jackson was valued at $630 million, a $30 million gain over the past 12 months. Professional yachtsman Russell Coutts is a new arrival valued at $50 million, while Michael Fay and David Richwhite, who built their fortunes during the deregulation of the 1980s via the Fay Richwhite merchant bank, were worth $870 million apiece, up from $830 million in 2014.

Bob Jones, the short-tempered property developer and author, was valued at $620 million, up from $600 million last year, and retailer Rod Duke, owner of Briscoe Group which is mounting a hostile takeover of Kathmandu, was worth $560 million, up from $500 million. Rod Drury, founder of Xero, saw his fortune tumble to $550 million from $780 million, thanks to the rollercoaster track of Xero's stock.

Eric Watson was valued at $500 million, a $100 million gain in the past 12 months, Alan Gibbs' wealth edged up to $495 million from $475 million, and Owen Glenn's wealth was unchanged at $450 million. Sam Morgan, who built and sold the Trade Me website, was assessed at $450 million, unchanged from 2014.

(BusinessDesk)

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