July 12, 2024 • 4 mins
How many millionaires are there in New Zealand?
Did you know that 24% of Kiwi households are millionaires? Ed McKnight didn’t!
Is this stat really true? How did they get their money?
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Episode Transcript
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Speaker 1 (00:07):
You're listening to the Saturday Morning with Jack Team podcast
from Newstalk z EDB.
Speaker 2 (00:13):
It is quarter two eleven non Newstalk ZEDB Ed McKnight
as our money guy this week it is with us now.
Speaker 3 (00:18):
Killed Eh, good to talk to Jack.
Speaker 2 (00:20):
Yeah you too, so put us out of our misery.
How many millionaires are there in New Zealand?
Speaker 3 (00:26):
It is outrageous and I almost fell off the chair
when I called up stats and Z. According to their numbers,
about four hundred and thirty nine thousand households, so individual
households around the country. Now we should clear up what
we mean by millionaires as well. We're talking net worths,
so that would be including your house minus you mortgage.
Speaker 2 (00:48):
Yeah, I say there, that's I mean a million dollars.
Let's be totally honest. A million dollars isn't what it
was a couple of decades ago. I mean there's inflation
for you, right, but still that is a huge number
of millionaires. What about multimillionaires.
Speaker 3 (01:03):
Well, when it comes to people with two million dollars plus, again,
I couldn't believe it. Ten percent of people in New
Zealand are multi millionaires worth two million dollars or more,
and a lot of that will be household wealth in
terms of somebody buying a house and as you've owned
it for fifteen years, it's probably gone up in value substantially.
(01:23):
You'll probably have paid off some of the mortgage. But
still those numbers. We sometimes tell ourselves in New Zealand that,
you know, we're not as rich as the Australians, the
Americans of British And when I looked at those numbers,
thinking that almost a quarter New Zealanders are living in
a millionaire household, I've started to change my mind to
but we are a rich country and there's a lot
(01:44):
of opportunity here.
Speaker 2 (01:45):
So how did those people get their money?
Speaker 3 (01:49):
A lot of it does come from housing, especially those
people in the kind of millionaire club one to two
million dollars one hit about the two million dollars in
closer to the three million dollar mark. A lot of
those people housess and may not even count their houses,
may not even count towards these numbers. So it starts
to be from business.
Speaker 2 (02:09):
Wow, that's interesting. Yeah, I mean that the housing makes
kind of a lot of sense. And I suppose when
you're talking about net worth as well, like people's kind
of assets have appreciated a huge amount in recent years.
But yeah, the business kind of distinguishes people. So what
does this actually mean though? Is there you know, how
(02:29):
do we how do we you know, how do we
shake down compared to other parts around the world, And
what does having this wealth actually mean for us?
Speaker 3 (02:39):
Well? I think the main thing for listening to the
show is I was just in giving a seminarchal group
of multi professionals and I was trying to use these
numbers to show that there is actually money out there
and we can be a little bit more aspirational. And
the issue that I sometimes come up against is that
New Zealanders often don't like to talk about their money,
(03:03):
and especially those people with money often don't like to
talk about it. But we don't want to throw it
in each other's faces. We don't want to make people
feel bad that, you know, some people have money and
others in society are doing it really really tough. At
the moment, Clair broken a little bit and says, actually
making a decent amount of wealth is possible in this country.
Speaker 2 (03:24):
Yeah, and you reckon, there's opportunity with this.
Speaker 3 (03:29):
I think once you start to break it down, it
made me realize how reachable I was going to say achievable.
It's not necessarily achievable, but it's reachabul for people. You know,
if you bought the average house in Auckland back in
two thousand and ten, the average for two you were
(03:50):
just made about six hundred k, because the average house
in Auckland was four hundred and fifty k forcing years ago.
Today it's about one point five million. And if you
just held that making six hundred k from the house
going up value, maybe you'd paid two hundred k the
mortgage over that time and have some deposit there to
edit up pretty quickly. And we're getting close to that
million dollar mark. And it was quite fascinating when I
(04:11):
was giving that seminar with down and Drops to door,
where we started creating plans for how could we each
make a million dollars over twenty odd years, and just
seeing the line in people's eyes saying, yeah, I think
this is achievable now that I know it is doable.
Speaker 2 (04:26):
Yeah, yeah, that's really interesting. Thank you so much. Do
I think a lot of people will be surprised with
those numbers. Really appreciate your time. Gold to Jack that
is Ed McKnight and Our Money Guy.
Speaker 1 (04:38):
For more from Saturday Morning with Jack Tame, Listen live
to News Talks EDB from nine am Saturday, or follow
the podcast on iHeartRadio
You're listening to the Saturday Morning with Jack Team podcast
from Newstalk z EDB.
Speaker 2 (00:13):
It is quarter two eleven non Newstalk ZEDB Ed McKnight
as our money guy this week it is with us now.
Speaker 3 (00:18):
Killed Eh, good to talk to Jack.
Speaker 2 (00:20):
Yeah you too, so put us out of our misery.
How many millionaires are there in New Zealand?
Speaker 3 (00:26):
It is outrageous and I almost fell off the chair
when I called up stats and Z. According to their numbers,
about four hundred and thirty nine thousand households, so individual
households around the country. Now we should clear up what
we mean by millionaires as well. We're talking net worths,
so that would be including your house minus you mortgage.
Speaker 2 (00:48):
Yeah, I say there, that's I mean a million dollars.
Let's be totally honest. A million dollars isn't what it
was a couple of decades ago. I mean there's inflation
for you, right, but still that is a huge number
of millionaires. What about multimillionaires.
Speaker 3 (01:03):
Well, when it comes to people with two million dollars plus, again,
I couldn't believe it. Ten percent of people in New
Zealand are multi millionaires worth two million dollars or more,
and a lot of that will be household wealth in
terms of somebody buying a house and as you've owned
it for fifteen years, it's probably gone up in value substantially.
(01:23):
You'll probably have paid off some of the mortgage. But
still those numbers. We sometimes tell ourselves in New Zealand that,
you know, we're not as rich as the Australians, the
Americans of British And when I looked at those numbers,
thinking that almost a quarter New Zealanders are living in
a millionaire household, I've started to change my mind to
but we are a rich country and there's a lot
(01:44):
of opportunity here.
Speaker 2 (01:45):
So how did those people get their money?
Speaker 3 (01:49):
A lot of it does come from housing, especially those
people in the kind of millionaire club one to two
million dollars one hit about the two million dollars in
closer to the three million dollar mark. A lot of
those people housess and may not even count their houses,
may not even count towards these numbers. So it starts
to be from business.
Speaker 2 (02:09):
Wow, that's interesting. Yeah, I mean that the housing makes
kind of a lot of sense. And I suppose when
you're talking about net worth as well, like people's kind
of assets have appreciated a huge amount in recent years.
But yeah, the business kind of distinguishes people. So what
does this actually mean though? Is there you know, how
(02:29):
do we how do we you know, how do we
shake down compared to other parts around the world, And
what does having this wealth actually mean for us?
Speaker 3 (02:39):
Well? I think the main thing for listening to the
show is I was just in giving a seminarchal group
of multi professionals and I was trying to use these
numbers to show that there is actually money out there
and we can be a little bit more aspirational. And
the issue that I sometimes come up against is that
New Zealanders often don't like to talk about their money,
(03:03):
and especially those people with money often don't like to
talk about it. But we don't want to throw it
in each other's faces. We don't want to make people
feel bad that, you know, some people have money and
others in society are doing it really really tough. At
the moment, Clair broken a little bit and says, actually
making a decent amount of wealth is possible in this country.
Speaker 2 (03:24):
Yeah, and you reckon, there's opportunity with this.
Speaker 3 (03:29):
I think once you start to break it down, it
made me realize how reachable I was going to say achievable.
It's not necessarily achievable, but it's reachabul for people. You know,
if you bought the average house in Auckland back in
two thousand and ten, the average for two you were
(03:50):
just made about six hundred k, because the average house
in Auckland was four hundred and fifty k forcing years ago.
Today it's about one point five million. And if you
just held that making six hundred k from the house
going up value, maybe you'd paid two hundred k the
mortgage over that time and have some deposit there to
edit up pretty quickly. And we're getting close to that
million dollar mark. And it was quite fascinating when I
(04:11):
was giving that seminar with down and Drops to door,
where we started creating plans for how could we each
make a million dollars over twenty odd years, and just
seeing the line in people's eyes saying, yeah, I think
this is achievable now that I know it is doable.
Speaker 2 (04:26):
Yeah, yeah, that's really interesting. Thank you so much. Do
I think a lot of people will be surprised with
those numbers. Really appreciate your time. Gold to Jack that
is Ed McKnight and Our Money Guy.
Speaker 1 (04:38):
For more from Saturday Morning with Jack Tame, Listen live
to News Talks EDB from nine am Saturday, or follow
the podcast on iHeartRadio
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