Why the super-rich like New Zealand
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.
PayPal co-founder Peter Thiel is among high profile investors in NZ.