Nine Otago multimillionaires in NBR rich list

Nine multimillionaires with extensive Otago interests are identified in this year's National Business Review rich list, with a total overall wealth that tops $1 billion.

While billionaire Irishman Eamon Cleary, ranked fourth in the country with $2 billion, maintains extensive Otago land and commercial interests, he has lived as an absentee landlord, in Malta, for some time.

National Business Review (NBR) editor in chief Neville Gibson highlighted the combined wealth of the rich list's 151 people had increased more than 18%, from $38.2 billion last year to $45.2 billion.

"This is the highest accumulation to date and follows the 2008-2010 recession, in which the total dipped sharply and the global financial crisis took its toll," Mr Gibson said in the glossy magazine publication released yesterday.

Of the 151 people, 99 are men, four are women, there are 41 families and seven pairs.

Other than the inclusion of the Fulton family, Otago's rich listers have all appeared in the past; Sir Michael Hill, Sir Eion Edgar, Ron Anderson, the Skeggs family, John Davies, Julian and Nick Smith, Barry Thomas and Sir Tim Wallis.

Since first publishing the rich list 25 years ago, Mr Gibson said, the changing fortunes of the individuals identified had been a feature, and this year was no exception; with many exiting the list due to the continuing decline in the property sector - $50 million being the minimum threshold for inclusion.

New to the list are the families of Fulton and Hogan, worth respectively $295 million and $180 million, with their stakes in the giant infrastructure/roading company, Datacom founder John Holdsworth, at $150 million, and Neil Graham of listed Mainfreight ($65 million).

In the publication, Ron Anderson of Arrow International, which operates in New Zealand and Australia, was quoted as saying: "We have a habit of talking ourselves down. We need to hear more about success to help build some positive momentum."

The wealth measure by industry was topped by Investment at $9.1 billion, with 21 entrants, Property at $8.8 billion (30) and manufacturing at $6.3 billion (nine).