How NZ’s richest man lost $2b in a year
Newcomers hail from parts of Asia, Middle East and Europe
The richest New Zealanders are becoming more diverse — 13 newcomers to the list were from countries in Asia, the Middle East and Europe.
The National Business Review’s 2016 Rich List, issued today, features a largely unchanged top 10 worth a combined $24 billion.
Graeme Hart remains the richest man in New Zealand, but his wealth took a $2b hit this year, falling from $9b in 2015 to $7b amid concerns over some of his debt-heavy business, NBR reported. Despite the knock to his fortunes, he launched two megayachts in Norway this year.
Investor Richard Chandler is second wealthiest, worth $4.2b; followed by the Todd family with oil and gas investments worth $3.3b; the liquor magnate Erceg family has $1.6b; property investor Sir Michael Friedlander has $1.5b.
The man behind 42 Below and Moa features on the Rich List for the first time this year. Geoff Ross sold the vodka business for $138 million in 2006 and is on this year’s Rich List thanks to the success of Trilogy International. The skincare and candle firm’s share price has risen 340 per cent in the past 12 months and Ross is now worth $70m.
Among the new faces on the list is the Kotzikas family, who made their $80m fortune through fishing. Patriarch Kypros Kotzikas, 72, came to New Zealand from Cyprus and settled in Christchurch as an 18-year-old. He worked at an Aranui fish and chip shop and now he and his four sons own United Fisheries.
Eyal Aharoni, a former Israeli army major, has amassed $70m by creating Wellington’s Primeproperty Group. Aharoni’s first appearance on the Rich List comes 28 years after arriving in New Zealand to complete a master’s degree at Victoria University.
Property developer and hospitality businessman Chao “Charlie” Zheng is on the Rich List for the first time. NBR said Zheng had “flown under the radar” since arriving in New Zealand from China a decade ago until he purchased Kirkcaldie & Stains’ old Harbour City Centre building for $45.85m in 2014. Zheng’s commercial property portfolio boosted his wealth to $110m.
NBR news editor Duncan Bridgeman said the contribution of migrant investors couldn’t be understated.
“Invariably, those from different ethnic backgrounds who have made it on to the Rich List came to New Zealand decades ago, and methodically set about investing in industries as diverse as hospitality, fishing, property, technology and education.”
NBR looked at the philanthropic activities of those on the Rich List and identified a number of big donors who prefer to keep a low profile.