National Business Review’s Rich List 2012

Media release
Embargoed until 6:00pm Thursday 26 July, 2012

New entrants add intrigue and value to National Business Review’s Rich List

Graham Hart is still the wealthiest New Zealander on the National Business Review Rich List 2012 but this year our wealthiest entrepreneurs, investors, innovators and financiers also welcome four internationals, industrial technologist Alexander Abramov, investor Julian Robertson, winemaker William (Bill) Foley and horse breeder Dowager Duchess Henrietta Bedford into the top ten Bay of Plenty farmers Colin and Dale Armer, filmmaker James Cameron and Auckland-based hoteliers, the Pandey family and the Jhunjhunwala family are also new to the National Business Review Rich List 2012, published on Friday, 27 July.

The total value of the National Business Review Rich List 2012 rises this year from $45.2bn to $57.7bn and the intrigue is a result of NBR’s decision to include foreign investors in its acknowledgement of what one group of New Zealanders, the very wealthy, have achieved with confidence and commitment in this country.

The international additions to this year’s National Business Review Rich List 2012 have invested significantly in this country, and most have invested sufficiently in New Zealand to earn residency rights. Minerals and steel magnate Alexander Abramov ($7bn) is building a $40 million luxury waterfront home in the Bay of Islands. Julian Robertson ($3bn) owns three luxury lodges, one each in the Far North, in Hawkes Bay and in Queenstown, and has donated a superb collection of art to the Auckland Art Gallery. William (Bill) Foley ($1.5bn), who is adding New Zealand wineries to his Californian collection, has his luxury lodge Wharekauhau in the Wairarapa, just minutes by helicopter from the Wairarapa home-base of filmmaker James Cameron ($900mn) whose credits include Avatar and whose commitment to the film industry in Wellington is now evident. Waikato-based Dowager Duchess Henrietta Bedford ($900mn) has extensive property interests throughout New Zealand and maintains close ties with the racing set.

Bay of Plenty-based Kiwis, Colin and Dale Armer ($200mn) control 58 South Island farms and 13 North Island farms near where the Te Puke lad brought his first dairy herd. The Pandey family ($100mn) and the Jhunjhunwala family ($70mn) are hoteliers, the former owning 19 hotels throughout the country including a controlling interest in Auckland’s Westin Hotel now rebranded Sofitel Auckland, the latter owning the extensive family affair that is the Sudima Hotels.

NBR Editor-in-Chief, Nevil Gibson says the achievements of those on this year’s Rich List should be celebrated, especially when many have lost the bulk of their savings with unwise investments and others, the lucky ones, have been bailed out by taxpayers, adding more debt for future generations. “Those on the National Business Review Rich List 2012 invest diversely and generously in art and culture, education and employment opportunities and social services,” he says. “Along with the newcomers to the National Business Review Rich List 2012, we are also seeing billionaires on other country’s lists showing an interest in New Zealand and, once they get here on business, they tend to find this a great place for pleasure.”

This year’s National Business Review Rich List 2012 is available on sale for $9.95 at magazine stores and supermarkets nationwide from Friday 27 July.

About National Business Review
The National Business Review, owned and published by Barry Colman, is published each Friday. It provides an in-depth wrap up and analysis of each week’s business events. NBR Online is a stand-alone news service that provides up to the minute specialist business and finance news. The online content is not included in the paper and is unique to the online service.

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