Jennings out of billionaires' club

Taranaki-born businessman Stephen Jennings has turned in his billionaires' club membership, but still holds his place among New Zealand's rich listers.

The 24th National Business Review (NBR) Rich List 2010 is published today with Jennings at seventh on the list.

His current estimated wealth of $800 million places him below six New Zealand billionaires.

In 2008, Jennings' estimated worth of US$1.1 billion had him at number 1014 on the Forbes magazine world's rich list.

The 49-year-old Waitara-born businessman was schooled at Oakura and then Spotswood College.

He still has a luxury home at Oakura where he returns each year to spend time with family.

His placing on the NBR list is higher than financial luminaries like Sir Michael Fay and David Richwhite ($750m each).

New Zealand's richest man Graeme Hart remains well on top with an estimated worth of $5.5b.

High-profile businessmen like Allan Hubbard and Terry Serepisos have been left off the list due to NBR having difficulty to "accurately assess their net worth".

Timaru's Hubbard is currently in statutory management, while Wellington's Serepisos has had well publicised cash-flow issues.

A former Treasury economist, Mr Jennings moved to Russia in 1992 and three years later founded global investment bank Renaissance Capital in Moscow.

Despite losing almost everything in the Russian debt crisis and collapse of the rouble in August 1997, he built up the bank into one of the largest in Russia with offices all over the world.

A big Taranaki rugby supporter, last year Jennings was rumoured to be linked to Taranaki's ambitious bid to form a stand-alone franchise for an expanded Super 15 rugby competition in 2011.

- © Fairfax NZ News