Talley family wealth 'increased by $10m'

01:00, Jul 29 2011

Only one of the two Nelson families who regularly make the National Business Review's annual Rich List is believed to have grown its wealth during the last year.

The Motueka-based Goodman family, with an estimated fortune of $850 million, gained the eighth spot in this year's list while the Talleys' $300 million earned them 22nd place.

"From modest beginnings in a Motueka seafood business, the Talley family empire has expanded to the entire spectrum of New Zealand argibusiness," the Rich List reported.

During the last year, the Talleys' wealth increased by an estimated $10 million. This comes on the back of the Talleys Group last year launching a successful takeover bid for Affco Holdings – the country's fourth-largest meat processor and exporter.

"With its own and Affco's shareholding, Talleys now has a 53 per cent stake in Open Country Dairy which explains why Andrew Talley is backing Consumer New Zealand calls for an inquiry into anti-competitive practices in the milk market and high dairy prices."

The group's original seafood division now includes five fish processing plants, and the family has other vegetable processing and icecream operations.


The Goodman family business, now largely Australian-based, is focused on the property and investment sectors. The Goodman Group, comprising Goodman Ltd and the Goodman Industrial Trust, is one of the largest industrial property groups listed on the Australian Securities Exchange. "While the family shareholding has been diluted over the years, it still has a strong influence on Goodman's corporate direction through Greg, company co-founder and its chief executive for 12 years, and Patrick who is a non-executive director and managing director of Goodman Holdings Group."

The holding at Moorabin originally acquired by the family in 1998 for $10 million has been described as part of the "old-money" assets emanating from Sir Patrick Goodman's business activities (Goodman Fielder) in the late 1970s and 1980s, the Rich List reported.

The family's New Zealand interests were said to include the 2437ha Glen Nevis Station at the top of Lake Wakatipu which is for sale.

Also on the Rich List was Blenheim-born Professor David Teece – a California-based consultant heading the Berkeley Research Group who has a home in Nelson. His wealth was estimated to have increased from $180m to $190m during the last year.

No1 spot was taken by Graeme Hart with an estimated fortune of $6.5 billion.

The total combined wealth of this year's rich list increased to $45.2b, up from $38.2b in 2010 when overall wealth dipped in the face of the global financial crisis. There are 151 rich listers this year, including 99 men, four women, 41 families and seven pairs.

The Nelson Mail