Sir Michael is recognised for his service to business and the arts.
"With deep respect I'll accept it, it's very nice," he told NZPA.
"It's quite humbling, to be honest. New Zealand does need role models -- I think all people do need people they can aspire to, so that's quite daunting when you think, my God, I'm in one of those positions.
"You just have to make sure you do your best job, and all I can do is do my very best."
After first working in his uncle's jewellery shop, he opened his first Michael Hill Jeweller shop in Whangarei in 1979 with the aim of making jewellery affordable.
Eight years later, he had opened 10 stores and listed his company on the stock exchange.
The company now has 250 stores in New Zealand, Australia, Canada and the United States, and a goal of 1000 outlets by 2024.
"People make our business, it's not me -- it's the 2500 people in the organisation that make it."
Most people have talent, he says, as long as they have the will and are willing to accept change and responsibility.
"I'm absolutely convinced that if someone has a long-term goal and writes it down, and starts thinking about it, then everything will gravitate towards that thought. So whatever we think will actually just about come true.
"If one doesn't have a long-term goal then of course we're just in the wash of everyday and the wills and whims and the ups and the downs and that can be quite unpleasant -- I found that very unpleasant for 40 years until I saw what to do."
Originally fronting much of the stores' television advertising, Sir Michael became a household name.
He is keen to expose New Zealand to the world, and the world to New Zealanders to widen their horizons.
He had a passion about playing the violin, and in 2001 launched the Michael Hill International Violin Competition for young violinists.
Sir Michael also became heavily involved in golf, opening his own course on a former deer farm near Arrowtown. He has hosted the New Zealand Open at The Hills for three years, and hopes to attract the event again.
He is also a major donor to Cure Kids, helping fund medical research into incurable diseases.
He was made a Companion of the New Zealand Order of Merit in 2002, was awarded New Zealand Herald Business Leader of the Year in 2008, and was Ernst and Young Entrepreneur of the Year in 2009.
Retirement doesn't appeal, and he works hard at staying healthy, so he can see his goals out.
"I have such an amazing life, I find it hard to believe it's me actually doing it."
