Real-life filthy rich worth $60b

Ever fancy a spot on the list of New Zealand’s richest people?

Bad news: Winning Lotto won’t cut it. You’ll need a stunner of a business idea, a particularly savvy string of investments – or the backing of a family dynasty.

The National Business Review’s 2016 Rich List, released yesterday, says the 190 richest people and families in this country are worth a combined $59.6 billion.

Add in international billionaires based here and that figure jumps to $73.1b.

To qualify for the list, individuals and families have to have at least $50 million in private wealth in net asset terms, after debt is accounted for.

‘‘It is very hard to get on the rich list,’’ NBR news editor Duncan Bridgeman said. ‘‘It takes more than winning Lotto.’’

Most of the rich listers are selfmade people who have created businesses. A small number are there on the strength of family inheritances.

‘‘Most are entrepreneurs,’’ Bridgeman said. ‘‘They are people who have taken risk and invested their own capital.’’

This year’s richest man is still Graeme Hart, with $7b to his name. But his wealth has slipped by $2b from last year.

Hart started life as a truck driver but made his fortune with some good investments.

He purchased the Government Printing Office for less than its capital value in 1990, then bought Whitcoulls Group. Both have since been sold.

Hart is followed by Richard Chandler, who focuses on investing in businesses where others have failed.

The list is in its 30th year. In 1986, it started with 56 individuals and 12 families with a combined net wealth of at least $5.3b.

The next year, at the height of the sharemarket boom, the list contained 76 individuals and 25 families worth a total $8b. That year’s crash wiped out the list’s combined wealth by almost half.

Some of the original rich listers are still there today including the Todd family, now in third place but previously number one in the 1980s; Craig Heatley; and Sir Robert Jones.

Others on the 2016 list include familiar names such has the Barfoots, of Auckland real estate fame, and gym dynasty the Mills clan, who operate the Les Mills franchise of gyms and technology.

Prime Minister John Key still features as the only politician on the list, at 175th equal, with $60m. He made his fortune in currency trading and investing before entering politics.

Lani and Earl Hagaman, property investors who took defamation proceedings against Labour leader Andrew Little over his comments about their business interests, also feature.

Filmmaker Sir Peter Jackson appears at 15th with $630m.

There are 13 newcomers on the list with a combined new wealth of $1.61b. Among the newbies are Danny Chan, whose firm Academic Colleges Group was acquired by Pacific Equity Partners.

Others include Charlie Zheng, who recently bought Kirkcaldie & Stains’ old Harbour City Centre building in Wellington for $45.85m, and Mark Ching in shipping.

Geoff Ross, who has been on the fringes of the list thanks to the $138m sale of vodka firm 42 Below, is now firmly in the ranks thanks to his investment in Trilogy.

Greg Tomlinson, with a 10 per cent stake in Heartland, is also a newcomer at spot 48. The Christchurch businessman is the largest single shareholder in the bank.

Neal and Annette Plowman, who made their money through laundry firm NZ Towel Service, return to the list. They are worth $200m but have retired and keep firmly out of they public eye at their home in Kerikeri.

Some have slipped off the list. Neil Graham and Kerry Hoggard have died while Neville Jordan and Kenneth Millar no longer meet the $50m threshold.