Why the super-rich like New Zealand

Matamata Chronicle - - Your Paper, Your Place - PROP­ERTY

New Zealand can ex­pect to see a 70 per cent rise in ul­tra-wealthy in­di­vid­u­als over the next decade, a new re­port sug­gests.

In­ter­na­tional prop­erty con­sul­tancy Knight Frank said New Zealand and Aus­tralia’s healthy economies and at­trac­tive life­style were prov­ing at­trac­tive with the super-rich.

In ad­di­tion, New Zealand was listed among the most pop­u­lar se­cond home lo­ca­tions for UHNWIs (ul­tra high-net worth in­di­vid­u­als).

‘‘The on­go­ing mi­gra­tion of wealthy peo­ple to Aus­tralia and New Zealand is help­ing to un­der­pin wealth pop­u­la­tions,’’ An­drew Amoils, head of Re­search at New World Wealth, which spe­cialises in re­search­ing the wealthy.

Ro­bust real es­tate re­turns, re­silient stock mar­kets and some re­cov­ery in com­mod­ity prices were ad­di­tional draw­cards.

‘‘In the fu­ture, this re­gion will have the at­trac­tion of good eco­nomic fun­da­men­tals and ‘safe haven’ sta­tus,’’ Amoils said.

Layne Har­wood, coun­try head of Knight Frank New Zealand, said in­vest­ment by the ul­tra-rich in New Zealand had al­ways been rea­son­ably strong but in­ter­est lev­els had sub­stan­tially in­creased in the last two years.

‘‘High pro­file in­vestors like Peter Thiel have been sup­port­ive of New Zealand as an in­vest­ment and life­style des­ti­na­tion.’’

They were not in­vest­ing nec­es­sar­ily in com­mer­cial prop­erty but they liked ru­ral, life­style prop­er­ties..

Har­wood said UHNWIs liked New Zealand’s iso­la­tion, its ease of do­ing busi­ness, sta­ble gov­ern­ment and above av­er­age longterm eco­nomic growth.

Super-rich yachting fans rated New Zealand for its yachting ex­per­tise and as a travel des­ti­na­tion, and Hol­ly­wood had had its in­ter­est piqued by the New Zealand-based work of di­rec­tors Sir Peter Jack­son and James Cameron.

It sug­gested Bri­tain’s de­ci­sion to leave the EU would not re­sult in an ex­o­dus of wealthy Bri­tons.

In­stead, it would likely strengthen the ties be­tween Bri­tain and its tra­di­tional al­lies in­clud­ing Aus­tralia and New Zealand.

‘‘We ex­pect Bri­tain to rein­tro­duce two-year work­ing visas for ci­ti­zens from Canada, Aus­tralia and New Zealand in the next few years,’’ the re­port said.

-Cather­ine Har­ris

PayPal co-founder Peter Thiel is among high pro­file in­vestors in NZ.

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