N.Z. millionaires named

Press, 8 March 1984, Page 26

N.Z. millionaires named

PA Wellington New Zealand has at least 35 millionaires and millionaire families, according to a former Treasury and Federation of Labour researcher, Mr Alf Kirk.

In a brief study of New Zealand’s rich, Mr Kirk told an income inequality seminar at Wellington at the week-end that 18 fami-

fies and 17 individuals could be given millionaire status by their ownership of shares in public companies. Using low and high market values for their shares in 1981, the families were worth an average $2.9 to $4.2 million each, receiving average dividends of $230,000 each with $91,000 tax-free. The individuals were each worth an average $1.5 to $2.3 million, receiving afl! average $97,000 each in dividends with $lBOO taxfree.

Each family held an average of five company directorates, and each individual two on average.

According to Mr Kirk, the Paykel family and its holding in the Fisher and Paykel company was worth up to $13,101,120 at 1981 prices. Other millionaire families in his top 10 are: The

Stewart family of P.D.L, $10.3 million; the Fisher family of Fisher and Paykel, $lO million; the Plowman family of Endeavour Services Corporation, $5.9 million; the Skellerup family of Skellerups, $4.3 million; the Nathan family of L. D. Nathan, $3.9 million;' the George family of Dalgetys and New Zealand Motor Corporation, $3.3 million; the Norwood family of Dalgetys and New Zealand Motor Corporation, $3.1 million; the Turner family of Motor Holdings, $3.1 million; and the Bisley family of A. M. Bisley and Company, $2.7 million. Topping the list of millionaires three years ago was Mr R. A. Brierley of Brierley Investments, with a holding worth up to $10.3 million.

Others in the list of the top 10 millionaires are: Sir Robertson Stewart, P.D.L.

$4.1 million; Mrs T. A. L Carr, Lion and New Zealand United Corporation, $2.5 million; Lady Stewart, P.D.L., $2.4 million; M. Paykel, Fisher and Paykel, $2.3 million; R. H. Walker, Autocrat Sanyo, $2.1 million; Mrs W. E. Skellerup, Skellerup, $2 million; A R. Hawkins, C.B.A. Finance, $2 million; Lady Fisher, Fisher and Paykel, $1.7 million; and F. P. Wills, Autocrat Sanyo $1.5 million. Mr Kirk said share ownership in public companies was only one element of wealth in New Zealand. “Most of New Zealand’s wealth is probably concentrated elsewhere, in rural land particularly, land and private companies,” he said. Sir John Spencer and the Todd family were examples of wealth concentrated largely in private companies, he said.