Statistics Shows New Zealand’s Wealth Gaps
June 28, 2016 New Zealand Taxation
New data shows that large wealth gaps exist between different age groups and ethnic groups in New Zealand.
On June 28th Statistics New Zealand released new data regarding the distribution of net wealth across different groups in the country.
It was shown that approximately 70 percent of total household net worth in New Zealand is held by the top 20 percent of households in the country.
The distribution of net worth was heavily dependant on age, with people aged 15-24 years old having a median net worth of NZD 1 000, while those aged over 65 years having a net worth of NZD 288 000.
There was also marked differences between ethnic groups, with Europeans having a median household net worth of NZD 114 000, while Maori, Pacific people, and Asian groups holding NZD 23 000, NZD 12 000, and NZD 33 000, respectively.
Photo By: r. nial bradshaw