Despite what we like to think, wealth is not evenly distributed in New Zealand. In fact it's the worst it's been in more than a decade.
Statistics New Zealand shows the top 10% of people have almost 60% of wealth.
The figures are for the year to June last year.
Labour market and household statistics manager Diane Ramsay said it was the biggest divide between the rich and poor since 2003.
She said it was possibly worse, but when records began in 2001 slightly different questions were asked of slightly different demographics.
What was evident was the inequality of net worth distribution continued to grow.
Divides across ethnic groups continue: European people have an individual median net worth of $114,000 compared to $33,000 for people of Asian descent, $23,000 for Maori, and $12,000 for Pacific people.
Our youth are among the poorest in society. People aged between 15-24 had the lowest individual median net worth of any age group at just $1000. Most young people have no assets but do have debt. Student loans are the most common debt.
Half the country's wealth belongs to the top 10% of households. The bottom 40% of households hold just 3% of total wealth.
The average household is worth $289,000.
Labour's Finance spokesperson Grant Robertson said inequality was getting worse under National with almost 60% of the wealth in this country concentrated in the hands of the top 10%.
"Reducing inequality should be the number one priority of this Government. It is taking away opportunity and undermining the economic and social security of our country.
"The ramifications of inequality have become clear in recent days in the Brexit vote and also in the way the US presidential primaries have played out. One of the consequences of inequality is that it creates a large group of disenfranchised people who feel forgotten and alienated. They then become easy targets for peddlers of fear and hate."
Mr Robertson said New Zealand's inequality was worse than the UK, Australia and Canada. In New Zealand the net worth of the bottom 20% was less than a quarter of the net worth of the top 20.
"And it's only going to get worse. The bottom 20% owe more than they own, while the top 20% own more than 20 times what they owe. This presents a risk to low-income households if interest rates rise."
Prime Minister John Key said the figures were "largely consistent with what we have seen over the last 20 or 30 years" -- and largely driven by increasing house prices.
"It is not surprising it is getting a little bit more that way because, in reality, better-off New Zealanders will own assets, particularly houses, and those house prices have been rising. So that's what will be driving that."
Mr Key said New Zealand's tax system redistributed wealth, with those on lower incomes paying less tax than the benefits they received through Working For Families.
