Mckelvie criticises ‘unhealthy’ Rich List

An unlikely duo is criticising the ‘‘unhealthy’’ interest shown in a compilation of the country’s richest individuals and families.

University of Auckland sociology lecturer Ronald Kramer said the National Business Review’s 2017 Rich List, released on Monday, showed an unhealthy interest in money. It encouraged people to value wealth and the wealthy at the expense of social considerations.

Rangitikei MP Ian Mckelvie, ranked 191st on the updated list and valued at $60 million, agreed that it was of little positive use. Many people named on the list were uncomfortable about being singled out, and they were swept up with subjective criteria that sometimes failed to distinguish between personal and family wealth, he said.

Mckelvie dismissed the Rich List as irrelevant and unreliable when he first appeared on it in 2014.

Most of the assets NBR used to gauge his wealth were actually in family trusts, and when spread across the Mckelvie clan wouldn’t put any of them on the list in the first place, he said.

Kramer was more concerned about how the list’s appeal reflected how ingrained the ideals of capitalism were in Kiwi culture.

‘‘It only makes sense to value such incredible wealth when you take for granted the society in which it is possible to have that sort of inequality.’’

A better list might be the top 10 people who gave money away, Kramer said.

Mckelvie agreed that a list based on philanthropy and contributions to the community would be more interesting and relevant. He suspected a few of the same names would crop up.

At least half of the Manawatuconnected Rich Listers were known to also support charities and community groups, such as Bulls-born ex-pat Victoria Ransom, who joined the list in 2013 and was worth $300m this year, placing 51st.

She made her name and fortune in Silicon Valley with her Swiss husband Alain Chuard when the couple sold their social media company, Wildfire Interactive, to Google for US$350M ($424m) in 2012.

Long-time Rich Listers, the Higgins family, were ranked at 32nd equal on the list, with $400m – up $40m on their 2016 valuation.

The Palmerston North family sold their construction firm Higgins Group Holdings last year.