Two Chch men on Rich List

Press, 5 September 1989, Page 1

Two Chch men on Rich List

By

TOM METCALFE

Two Christchurch men have made it on to this year’s Rich List published by “Personal Investor” magazine.

The list of New Zealanders who have personal fortunes of more than $2O million has the National member of Parliament for Fendalton, Mr Philip Burdon, in twenty-third place with an estimated wealth of $45 million, and a radio electronics manufacturer, Mr Angus Tait, in twenty-

eighth place, valued at $4O million.

The property investor, Sir Robert Jones, whom the magazine estimates is worth $320 million, topped the list. Sir Robert has pushed last year’s richest New Zealander, the toilet paper tycoon, Sir John Spencer, into second place. Mr Burdon, who in the magazine’s view has risen a few places and about $5 million since last year, said he was flattered by the

“very generous” estimate of his wealth.

“If they want to pay me $45 million for my assets they are most welcome,” he said. Mr Burdon’s wealth is mainly due to his mushroom farming, which he began with an investment in a Cyprus farm which flourished until the Turkish invasion in 1974. Mr Tait started Tait Electronics with money from a second mortgage on his home.