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The Guardian - AU

World

Eva Corlett in Wellington

New Zealand’s world-beating jump in wealth down to ‘rise of landed gentry’, says economist

New Zealand Shamubeel Eaqub Inequality Credit Suisse United States

Victorian house against Auckland city skyline — New Zealanders have had the highest jump in wealth of any country in the world, largely thanks to rises in the value of real estate. Photograph: Chameleons Eye/REX/Shutterstock

New Zealanders have topped the world for the biggest annual jump in wealth, however one prominent economist warned the figures were further evidence of growing inequality in a country that is experiencing “a rise of the landed gentry”.

The global wealth report by investment bank Credit Suisse shows New Zealand experienced the biggest spike in average wealth per adult, ballooning by US$114,000 (NZ$193,248) in 2020 to bring the total average wealth per adult to US$472,153 in 2021 – a 32% year-on-year increase.

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