The wealth of a nation: the level and distribution of wealth in New Zealand
18 Aug 2004
Key facts:
- The wealthiest 10% of the New Zealand population hold more than 50% of the total wealth and the bottom half holds less than 3%.
- New Zealand has a relatively high proportion of people with negative wealth. The figure here is 16% compared with 4% in Australia and 8% in the US.
- Median wealth in New Zealand is NZ$68,000 compared to A$220,000.
- Approximately 10% of 60 to 64-year-olds have no or negative wealth and half have less than $200,000.
- Home ownership rates had declined from 74% in 1991 to 68% in 2001.
- Over 100,000 New Zealanders currently have student loan debt of over $20,000 and over 425,000 New Zealanders currently have some outstanding student loan debt.
- New Zealanders who really struggle to get ahead are those who earn below the median income and those with dependent children.
Note: The New Zealand Institute’s report brings together publicly available information from the 2001 Household Savings Survey, the IRD, the Reserve Bank, and overseas studies. And Institute staff members have conducted a series of about 80 in-depth interviews with a wide range of New Zealanders about their experiences and perspectives on these issues.