Southern wealthy shrug off ranking
"You have to question its accuracy." Sir Eion Edgar
Scenic Hotel Group chairwoman Lani Hagaman says most people in the National Business Review‘s annual Rich List would probably rather not be there because it may fuel a tall poppy syndrome.
In recent years she has taken a stronger hand in the hotel business established by her husband Earl, who died earlier this year.
The Hagaman family fortune was estimated at $190 million yesterday with the release of the 2017 Rich List. That figure was unchanged from 2016 even though hotels have enjoyed surging occupancy and profits.
The assets in Earl’s estate were secure and it was business as usual, she said.
‘‘Some people may think wealthier folks sit about indulging but I go to work seven days a week,’’ Hagaman said. ‘‘If it wasn’t for individuals who took risks and invested the way Earl did there wouldn’t be an economy. People who do these things are driven.
‘‘They should receive a pat on the back. Earl always felt that encouraging knowledge was the best way to help people step up.’’
For that reason Lani Hagaman announced a tourism scholarship when she attended a hotel conference in Auckland in June.
The hotel group created by Earl and his former business partner the late Ralph Brown was in good shape, with a new hotel at Ashburton under development, she said.
Meanwhile, Sir Eion Edgar, who has business interests in Dunedin and Queenstown, enjoyed an estimated rise from $130m to $135m this year.
‘‘I think [the wealth ranking is] positive because people love to read it and it sells a lot of magazines, but you have to question its accuracy,’’ Edgar said.
‘‘I do receive a lot more calls for financial assistance from people when it comes out. I’m always fascinated to see which Otago [University] graduates have done well, and if it encourages people to be more philanthropic that would be good. A lot of [wealthy] people get missed – many dairy farmers and supermarket owners.’’
Among the southern newcomers to this year’s Rich List was Michael Guthrie, with an estimated fortune of $200m based on the sale of Mainland Poultry in which he had a major shareholding.
Christchurch City councillor Jamie Gough’s wider family fortune is estimated at $370m, up from $365m last year.
Gough said the ‘‘tabloid’’ list reflected shareholdings in Gough Group, but family members had their own business interests.
‘‘It’s been part of my life since so it doesn’t bother me but I don’t want to only be defined as the great grandson of Tracy Gough who started the business,’’ he said.
Agribusiness magnate Alan Pye said his family supposedly had a fortune of $350m, but his sons and their families each had their own investments and the combined wealth total would probably be about $1 billion.
Meadow Mushrooms founder and former MP Philip Burdon’s family fortune increased from $85m to $90m.
Burdon said the real figure would be whatever someone wanted to pay for the business.
‘‘There’s a certain amount of voyeurism; the list satisfies curiosity. I’m totally neutral about it.’’ ❚ Wealth focus concern, pA8