Otago-linked Rich Listers' wealth tops $1.5 billion

Michael Hill, who has an estimated fortune of $300 million.
Michael Hill, who has an estimated fortune of $300 million.
Ten business people with Otago connections have again appeared on this year's NBR Rich List, their fortunes totalling more than $1.57 billion.

The combined valuation of all homegrown Rich Listers has increased by $4.6 billion to $59.6 billion, which includes 13 newcomers with a combined wealth of $161 million.

Adding in four New Zealand-based international billionaires - Alexander Abramov, James Cameron, Bill Foley and Julian Robertson - boosts the total Rich List value for 2016 to $73.1 billion.

Often top of the Rich List, New Zealander Graeme Hart took a $2 billion hit, managing a diminished fortune of $7 billion this year.

One US business has filed for bankruptcy protection, but Mr Hart did manage to launch two more-than-100m-long mega-yachts in Norway during the year.

Prime Minister John Key's fortune rose $5 million to $60 million, while his overall ranking slipped from 173rd equal last year to 175th, out of 190.

Many fortunes slipped in their overall rankings despite making gains in value.

The five smallest fortunes on the Rich List are $50 million each, all being ranked 190th equal.

Heading up the Otago list again is the Fulton family, ranked one place higher at 27th of 190 with an estimated wealth of $420 million, unchanged from last year.

Specialising in infrastructure contracts during the past 80 years, the company has 5500 staff, with operations across New Zealand and Australia.

Jeweller Sir Michael Hill is ranked one place lower at 48th, at $300 million, up $10 million from a year ago.

He has recently stepped aside as chairman of Michael Hill International, in favour of daughter Emma.

The company has its headquarters in Brisbane, with its primary listing on the ASX.

There are 300 Michael Hill outlets and 15 Emma & Roe outlets.

Sir Michael hosted the New Zealand Golf Open at his private The Hills course near Arrowtown in February.

Ranked at 85th, compared with 73rd last year, is Dunedin's Skeggs family at $175 million, up $10 million on a year ago.

Launched by Sir Clifford Skeggs entering the fishing industry in 1958, the family concern now has major investments in tourism, wine, property and the fishing industry, the latter now a Bluff oyster business.

Dunedin's former mayor and wife Marie now spend time between Dunedin, Wanaka and Fiji, the latter being the Port Denerau Marina, which won the 2015-16 International Marina of the Year.

Ranked two places higher at 109th, Sir Eion Edgar and family have an estimated $130 million fortune, up $15 million from a year ago.

Queenstown-based Sir Eion is chairman of the country's largest locally owned brokerage, Forsyth Barr, and founder of Queenstown's Resort College, while the family's key focus is the $300 million broadband Hawaiki Submarine Cable, to link New Zealand, Australia, the Pacific Islands and the US, with construction having started this year.

Ranked nine places lower at 120th this year and up $5 million to $120 million this year is Arrow International founder Ron Anderson, who has specialised in construction and project management since founding the company in 1984, but is now retired.

Arrow's annual turnover is estimated at $400 million and its largest project to date is about $3 billion of residential earthquake settlement work in Christchurch, involving more than 22,000 claims.

Having created the Lifestyle Retirement Village in Wanaka, Mr Anderson is in a joint venture to develop a proposed $105 million village, adjacent to Sir Michael Hill's golf course near Arrowtown.

Ranked eight places lower at 125th, Queenstown's Sir John Davies' wealth rose $5 million to $115 million this year.

The former mayor's family tourism company Trojan Holdings has extensive interests, including a 40% stake in AJ Hackett Bungy and the skifields Mt Hutt, Remarkables and Coronet Peak, the latter being 100% ownership of NZSki.

Queenstown's Barry Thomas was ranked 135th, down from 130th last year, up $5 million to $100 million this year.

Although he is retired, his Skyline Group operates in New Zealand, Canada, Korea and Singapore, and this year announced a $60 million redevelopment of its flagship Queenstown operations.

Recent reports said 787,000 people used the Queenstown gondola last financial year.

Ranked 147th again this year is Dunedin-raised and educated Alistair Jeffery, his fortune rising by $5 million to $85 million this year.

After graduating from the University of Otago, he made his money in banking in the UK, then founded specialist lender and asset manager Bluestone Group, of which he is executive chairman.

He owns the rural property development Bendemeer, near Queenstown.

Ranked 160th again this year are Dunedin brothers Sir Julian and Nick Smith, owners of the Otago Daily Times and numerous regional titles.

The business is valued up $5 million to $75 million this year and is at present developing a multimedia "news hub'', covering the lower South Island.

While only having joined the Rich List last year, yachtsman and Dunedin-educated Sir Russell Coutts dropped from 180th to 184th place, while his fortune rose by $5 million to $55 million this year.

Once the country's top-paid sportsman, Sir Russell has numerous property interests in the North Island, plus a dairy farm in Central Otago and the Crown Range Estate, including a golf course, estimated by NBR to be worth $13 million.

simon.hartley@odt.co.nz

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