Latest news with #MatMowbray
Time of India
a day ago
- Business
- Time of India
NZ's richest pass $100 billion mark in latest rich list, while average Kiwis lose wealth
New Zealand's wealthiest individuals and families collectively hold a staggering NZ$102.1 billion, marking a rise from NZ$95.55 billion in 2024, according to the 2025 National Business Review ( NBR ) Rich List . The Zuru Toys founders , brothers Nick and Mat Mowbray, retained their top position, with a net worth of NZ$20 billion. They lead a national tally that now includes 18 billionaires, up from 16 in the previous year. Despite the broader economic challenges facing households in 2024, those on the Rich List experienced increasing wealth. By contrast, the average New Zealand household's net worth dropped by NZ$4.185 billion. Also Read: World's largest iron ore mine discovered, $6 trillion find could make Australia unstoppable Newcomers boost big wealth total The list saw around a dozen newcomers, with a combined wealth of NZ$4.3 billion, pushing the total to over one-third of national GDP. Notable additions include: Live Events Jamie Beaton, co-founder of Crimson Education, is valued at approximately NZ$220 million. Other first-time entrants include families and entrepreneurs who built wealth over decades. Women represented, launch of women's list For the first time since 2019, two women made the main list: Anna Mowbray, former Zuru co-founder, is now worth NZ$500 million, ranking 47th. Lucy Liu, Airwallex co-founder, valued at NZ$700 million, sits at 30th. The NBR also introduced a Women's Rich List, profiling 14 top female business leaders, each valued between NZ$20 million and NZ$100 million. Sector winners Some longstanding retail fortunes slipped. Notable downshifts included: Rod Duke (Briscoes) and Sir Stephen Tindall (Warehouse Group). Jim and Rosemari Delegat fell from billionaire status to approximately NZ$235 million due to US tariffs affecting their winemaking business. Meanwhile, several property investors retained or boosted their wealth amid a challenging market. Political and social reaction Prime Minister Christopher Luxon's response to the Rich List publication today was telling. When asked about 18 billionaires in a cost-of-living crisis, he gushed that it is fantastic that we have people with ambition, aspiration, and positivity, and that we should be celebrating success. However, the Green Party reiterated its claim for a wealth tax, citing rising inequality illustrated by the concentration of global wealth. Economic Times WhatsApp channel )
RNZ News
a day ago
- Business
- RNZ News
New Zealand's Rich Listers climb above $100 billion despite 'tough' times
Toy company Zuru co-owner Nick Mowbray. Photo: Supplied / Zuru The National Business Review annual rich list has found Aotearoa's wealthiest people are collectively worth more than $100 billion - up from $95.55 billion last year - despite a tough 12 months financially. Around a dozen newcomers, worth $4.3b altogether, are among the 119 individuals and families profiled in the 2025 NBR Rich List. The co-founders of Zuru Toys, the brothers Nick and Mat Mowbray, meanwhile, retain the top spot with a $20 billion valuation. Overall, New Zealand now has 18 billionaires, up from 16 last year. NBR co-editor Hamish McNicol said the addition of the newcomers, as well as growth among some of the country's wealthiest, had pushed the total valuation of this year's Rich List to $102.1b, more than 40 percent of the nation's GDP. Those on the newcomers list include Jamie Beaton, after the company he co-founded, Crimson Education, was valued at more than $1b in a capital raise last November. He is alongside several families who McNichol said have been operating and building businesses over the last few decades. He said there were "notable winners" but also a number of rich listers were "struggling, as well". They included retailers, such as Briscoes director Rod Duke and Warehouse founder Sir Stephen Tindall, who tried to take the company private in the last year. Others had had their fortunes slashed after the US trade tariffs were introduced, he said, including Jim and Rosemari Delegat, the siblings who run winemaker Delegat Group and export around half their product. "They were billionaires a couple of years ago, but we've assessed their worth at about $235 million as with tariffs coming in they're struggling a bit at the moment." Some property rich listers had done well by investing in the sector, despite the "interesting times out there for commercial and residential property at the moment". The 2025 rich list included two women, featured in their own right, for the first time since 2019, when a $100m threshold was introduced, McNichol said. They are: Anna Mowbray, former Zuru co-founder who has since built a wide-ranging portfolio of investments, and Lucy Liu, the co-founder of global online payments company Airwallex. Liu's company was valued at more than $10b in a capital raise in May. This year NBR has also launched a Women's Rich List, McNichol added. "We recognised we were not profiling many women as part of the overall rich list and there's a bunch of research out there about how women generally find it a lot more difficult to raise capital, and build businesses because of a whole bunch of systemic things. "We wanted to highlight some of the country's top businesswomen this year, and we've profiled 14 as part of this year's rich list. We roughly estimate they're all worth between $20 and $100 million. It's a group of people to watch, as well." Asked about the increase in billionaires in the current economic crisis, Prime Minister Christopher Luxon said it was something that should be recognised. "Isn't it fantastic that we have got people with ambition, aspiration and positivity, and we should be celebrating success. I know how hard people work in New Zealand, and there [are] some pretty inspirational stories. "As a country we want people to be able to move themselves from one set of circumstances to a better set of circumstances, and it's okay to celebrate this success. "But I just also say to you that I know New Zealanders are doing it tough and it's important that we are doing everything we can as a government to create the conditions for growth. That's what we have been doing and that's what our Budget is doing." McNicholl said that no politicians have made the list this year.
NZ Herald
a day ago
- Business
- NZ Herald
NBR Rich List: Who are the wealthiest people in New Zealand?
Zuru founders Nick and Mat Mowbray have retained their spot as the richest New Zealanders, according to the National Business Review's Rich List. The latest NBR Rich List, published today, estimated the Mowbrays' net worth at $20 billion. The Mowbrays founded the toy manufacturing company in 2003, along with sister
