Property drives New Zealand's net wealth past $1.5 trillion

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NZN

The steep rise in property has driven New Zealanders' wealth up $1.5 trillion in the past decade.

The report reveals the number of people who spend over half their income renting run-down and overcrowded houses is increasing.

Source: 1 NEWS

Figures released today by Statistics NZ show the net worth of New Zealanders rose $136 billion to March 31, 2016.

That equals about $330,000 per person, but mainly reflects property ownership, Statistics NZ's national accounts senior manager Gary Dunnet says.

Net worth is the balance of what New Zealanders own over what they owe, and this is the biggest increase experienced in the last 10 years, he said.

Household net worth is up 11 per cent or $134b in the past decade and was driven by $84b in property values and $14b in currency and deposits.

Insurance and pension funds make up 6 per cent of household assets.

Financial assets, including bank deposits and shares, held by New Zealanders rose from $1780b in 2007 to $2575b in 2016, a rise of 45 per cent.

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