Capital's fat cats hanging on

Wellington's well-heeled have kept their heads above water as the economy sinks, with most of the capital's richest staving off losses or boosting their bank balances as fat cats elsewhere take a bath.

Nearly $6 billion was estimated to have been wiped off the fortunes of 155 individuals and families on the latest National Business Review rich list since last year a decline in wealth of 13 per cent.

The total worth of those making the list which requires a minimum of $50 million was down from $44.4b to $38.7b.

But while the richest in other cities were crying into their caviar, Wellington's jet set held their own.

Most managed to at least avoid losing any of their wealth, while some even managed to add $10m here and there.

The one exception was Sir Robert Jones - who saw his estimated fortune fall from $250m to $220m.

The Wellington-based Todd family remained at No 2 on the list, and is the richest family. Their estimated $2.6b was the same as last year. The next richest Wellingtonian is film director Peter Jackson, whose estimated $450m was also unchanged.

Trade Me founder Sam Morgan boosted his wealth by $30m to $290m, and property investor Terry Serepisos was estimated by NBR to have grown his by $40m to $140m.

Investment magnate Graeme Hart remained New Zealand's richest person, although his $5.5b estimated worth is a cool $500m down on last year representing losses of more than $1.3m a day.

Prime Minister John Key remains on the list with an estimated worth of $50m.

WELLINGTON'S RICHEST

TODD FAMILY: Energy, investment. Estimated wealth: $2.6b; last year: $2.6b

PETER JACKSON: Film. Estimated wealth: $450m; last year: $450m

SAM MORGAN: Technology. Estimated wealth: $290m; last year: $260m

SIR ROBERT JONES: Property. Estimated wealth: $220m; last year: $250m

TERRY SEREPISOS: Property. Estimated wealth: $140m; last year: $100m

PHIL McCAW: Technology. Estimated wealth: $90m; last year: $80m

NEVILLE JORDAN: Technology. Estimated wealth: $60m; last year: $60m

LLOYD MORRISON: Investment. Estimated wealth: $60m; last year: $60m

* Source: National Business Review Rich List

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Bruce Morris   #1   02:06 pm Jul 25 2009

I am appalled at the use of the term "fat cats" for the well-to-do in this article. This is disgraceful - what the hell does fat cat mean? Imagine the furore if you used some term like neer-do-wells (or something worse) for people at the other end of the scale. The use of these kinds of terminology is generalist and divisive - rich people are people too!

This paper is getting more and more like the rubbish British tabloids every day - I can't believe your editor let this through.

And what does "take a bath" mean - last time I looked it meant to have a wash.

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