The Australian citizen, originally from Canberra, had lived in New Zealand since 2006.
He was one of a tramping party of nine Dunedin friends aged 22 to 36, including the man's partner.
Wanaka police did not release further identifying details yesterday afternoon, saying they had not been able to contact the man's parents in Australia.
The man's body had been recovered by helicopter by 7.20am yesterday, is was placed in the care of the Dunedin coroner, who will investigate.
Wanaka police search and rescue co-ordinator Aaron Nicholson said the man's friends and partner were distressed and did not want to comment to the media.
"They have some comfort in numbers and have a lot of support around them.
But they feel stressed and shocked by the incident," he said.
The man fell while descending steep and difficult tussock country between a series of bluff systems near the Wilmot Saddle about 7pm on Saturday.
The conditions were fine and dry at the time he fell.
The group had travelled up the East Matukituki Valley to Aspiring Flats on Friday.
They camped for the night, and continued on Saturday up an unmarked but known route, along the Rainbow Stream.
The party crossed the Wilmot Saddle and some climbed nearby Sisyphus Peak while the others waited for them.
They were descending together towards Ruth Flat when the man fell about 30m to 40m down the slope, hitting his head several times.
He suffered significant head injuries and stopped breathing shortly after his friends reached him.
His companions administered CPR for 30 minutes but there were no signs of life, Sgt Nicholson said.
Three group members left to raise the alarm and were able to contact police about 5.45am yesterday.
The remainder of the party stayed put with their friend and were brought out to Wanaka yesterday morning by the Wanaka Landsar team.
It had rained on Saturday night, resulting in a complete change of conditions, Sgt Nicholson said.
Wanaka Landsar members Constable Mike Johnston, climber Al Uren and pilot Doug Maxwell conducted the retrieval.
Sgt Nicholson said the man had completed day tramps with his partner but was relatively inexperienced for the terrain he was in.
The route was a "serious undertaking" but the man was in a party that included experienced people who knew what they were doing and could cope with the terrain.
Going on harder routes with experienced people was the the best way to learn "but unfortunately, they may have bitten off more than they could chew", Sgt Nicholson said.
