NZ Household Wealth Statistics - Top 10% Own Half of $2 Trillion
New Zealand households own $2.4 trillion in assets - but the top 10% own half of everything. We break down the Stats NZ data to show what New Zealanders really own, who owns it, and outline the significant wealth gap and inequality between homeowners and renters.
Updated 3 January 2026
How often is this data updated?
Key Findings
The Averages (and why they're misleading)
Where the Wealth Sits
There is Inequality
- Stats NZ publishes household net worth data every three years. This guide uses the 2024 release - the most recent available - and we'll update it when the next Stats NZ’s Household Economic Survey is published (expected 2027).
- While the guide is comprehensive, each section is designed to stand on its own - you can read it start-to-finish or jump directly to the parts most relevant to you, outlined below in our contents section.
- Important: In this guide, “mean” and “median” refer to households unless we explicitly say individuals (e.g., ethnicity, gender, education).
Key Findings
- Total household net worth: $2.067 trillion - this is what New Zealand households own minus what they owe
- Total household assets: $2.397 trillion - everything we own (homes, investments, KiwiSaver, etc)
- Total household liabilities: $329.9 billion - mortgages, loans, and other debt (as outlined in our household debt statistics)
- Number of households: 1.985 million
The Averages (and why they're misleading)
- Median household net worth: $529,000 - this is the 'typical' household (half of New Zealanders have more than $529,000, half have less)
- Mean household net worth: $1,041,000 - this is the 'average' household, but it's skewed by a too few wealthy households owning valuable assets
Where the Wealth Sits
- Property dominates: $1.16 trillion (48.5%) of all assets is real estate
- Family trusts hold $408 billion: 17% of all assets, with trust holders averaging $2.41m
- KiwiSaver (and other retirement schemes) is still small: $135.7 billion (5.7%) - for reference, property is 8.5× larger
There is Inequality
- The top 10% own 48.5% of all wealth;
- The bottom 50% share just 6.7%
- The bottom 20% have negative net worth - averaging -$9,000
- The homeowner vs renter gap: $1.81m vs $185,000 - a 10× difference
- Ethnic wealth gap (individual median net worth, age-standardised): European/Pākehā $222,000 vs Pacific peoples $26,000 (8.5× gap)
The Bigger Picture - What You Need to Know:
To explain what you need to know, our guide covers:
- Property wealth divides: Real estate ($1.16 trillion) makes up nearly half of all household assets. Add trust-held property, and it's likely over 55%. This explains why house prices matter so much - and why those locked out of the property market face a fundamentally different financial reality.
- The wealth gap is massive: As outlined above, the top 10% own 48.5% of everything. The bottom 50% share just 6.7%. The bottom 20% have negative net worth. The Gini coefficient is 66.1 (where total inequality is 100), high by international standards.
- Homeownership is the great divider: Mortgage-free homeowners average $1.81m. Renters average $185,000. That's 10× the wealth simply by owning a home - and the gap has compounded over time.
- Ethnicity shapes outcomes: European/Pākehā median net worth is $222,000. Pacific peoples: $26,000. Māori: $52,000. These gaps persist across all age groups and haven't narrowed since 2018.
- Inheritance accelerates inequality: 45% of households have received an inheritance or substantial gift - their median wealth is nearly double everyone else's. The other 55% are building from scratch.
- Family trusts concentrate wealth: $408 billion sits in trusts. Only 9% of households have them, but trust holders have an average net worth of $2.4m.
- KiwiSaver is growing but still small: $135.7 billion in retirement savings (driven largely by KiwiSaver) is just 5.7% of total assets. New Zealand has, historically, built wealth through houses, not investing in growth markets.
- The 2021-2024 boom lifted homeowners: Wealth grew 28% in three years, driven by property (+49%). Those who owned homes gained ~$300,000. Those who didn't watched from the sidelines.
To explain what you need to know, our guide covers:
- Total Household Wealth - $2.067 Trillion
- What New Zealanders Own - $2.397 Trillion in Assets
- What New Zealanders Owe - $329.9 Billion in Liabilities
- New Zealand's Inequality Story - Who Owns What
- The Inheritance Effect - Wealth Gives Rise to More Wealth
- Wealth by Age - How Much Should You Have?
- Homeowners vs Renters - The 10× Wealth Gap
- Regional Wealth - Where New Zealand's Money Lives
- Wealth by Education - Does Getting a Degree Pay Off?
- Gender Wealth Gap Overview
- Family Trusts - $408 Billion in Hidden Wealth
- KiwiSaver and Workplace Pensions - Just 5.7% of Wealth
- Crypto Assets: $768 Million
- 2021 vs 2024 - Explaining Where the Growth in Wealth Came From
- Frequently Asked Questions
Know This First: How to Read and Understand the Numbers Below
Mean vs Median
The median/mean 97% gap
This gap, referenced below, is (Mean - Median) / Median × 100 - so ($1,041,000 - $529,000) / $529,000 = 96.8%, rounded to 97%
What you need to know:
- The summary table (below) presents key findings from throughout this guide - the figures come from different analyses and won't always connect directly to each other.
- For example, the "48.5%" appears twice - once for property's share of total assets, and separately for the top 10%'s share of total wealth - same number, different measures, pure coincidence.
- If you find the summary table hard to follow, don't worry - each figure is explained in its dedicated section below. The table simply consolidates findings from 10+ tables throughout this guide.
Mean vs Median
- The mean ($1,041,000) is calculated by adding up everyone's net worth and dividing by the number of households. The problem is that a small number of extremely wealthy households drag that average way up.
- For example, one billionaire in a room with 99 people worth $100,000 each would give a "mean" of around $10 million - clearly not representative.
- The median ($529,000) is the middle point - half of households have more, half have less. It's immune to those outliers at the top, which is why it better reflects what a typical Kiwi household actually has.
The median/mean 97% gap
This gap, referenced below, is (Mean - Median) / Median × 100 - so ($1,041,000 - $529,000) / $529,000 = 96.8%, rounded to 97%
What you need to know:
- The larger this gap, the more wealth is concentrated at the top. A 97% gap - the mean being nearly double the median - shows a long tail of high-net-worth households pulling the average up
- If wealth were perfectly distributed, the mean and median would be identical
| Statistic | Value | What It Tells You |
|---|---|---|
| Total household net worth | $2.067 trillion | All NZ households combined |
| Total assets | $2.397 trillion | Everything we own |
| Total liabilities | $329.9 billion | Everything we owe |
| Number of households | 1.985 million | June 2024 |
| Mean net worth | $1,041,000 | "Average" - this is skewed by New Zealand's wealthy |
| Median net worth | $529,000 | "Typical" - a better measure |
| Mean/Median gap | 97% | Inequality indicator |
| Property share of assets | 48.5% | Nearly half of everything |
| KiwiSaver/pensions share | 5.7% | Small (vs property's total) |
| Top 10% share of wealth | 48.5% | Own nearly half |
| Bottom 50% share | 6.7% | Half of NZ shares this small amount |
| Gini coefficient | 66.1 | High inequality |
| Homeowner vs Renter gap | 9.8× | $1.81m vs around $185,000 |
| 3-year growth | +28% | 2021–2024 |
Data Source & Methodology
All data is sourced from Stats NZ:
All data is sourced from Stats NZ:
- Household Net Worth Statistics - Year ended June 2024, sourced from a survey of ~5,000 households (known as the Household Economic Survey) conducted every 3 years (previously 2021, 2018, 2015).
- Please be aware that the data includes assets held in family trusts where household members are beneficiaries, and that property values may differ from current market values.
- Data has sampling errors - precise figures should be treated as estimates.
Total Household Wealth - $2.067 Trillion
This is the total net worth of all New Zealand households - assets minus liabilities. It's the complete picture of what New Zealanders own.
Know this: The mean ($1,041,000) is nearly double the median ($529,000). That gap exists because a relatively small number of very wealthy households pull the average up. For most readers, the median is the better “typical household” benchmark.
Know this: The mean ($1,041,000) is nearly double the median ($529,000). That gap exists because a relatively small number of very wealthy households pull the average up. For most readers, the median is the better “typical household” benchmark.
| Metric | Total | Per Household |
|---|---|---|
| Total assets | $2.397 trillion | $1,207,000 |
| Total liabilities | $329.9 billion | $216,000 |
| Total net worth | $2.067 trillion | $1,041,000 |
| Median net worth | - | $529,000 |
| Median assets | - | $755,000 |
| Median liabilities | - | $43,000 |
| Number of households | 1.985 million | - |
| Mean/Median gap | 97% | We see this as a strong inequality signal |
What New Zealanders Own - $2.397 Trillion in Assets
Our View: Property ($1.16 trillion in homes and investment property) makes up 48.5% of all assets. Add in trust-held property, and it's likely over 55%. KiwiSaver and pensions ($135.7B) account for just 5.7%, suggesting New Zealand's wealth is tied to houses, not retirement savings.
Simplified Asset Breakdown
We make assets easy to understand in the table below:
| Category | Total Value | Share | What's Included |
|---|---|---|---|
| Property | $1,161.5B | 48.5% | Homes + investment property |
| Family Trusts | $408.0B | 17.0% | Property, investments, cash in trusts |
| Consumer Items | $243.3B | 10.1% | Cars, furniture, valuables |
| Investments | $216.0B | 9.0% | Shares, funds, bonds, other equity |
| Cash | $143.2B | 6.0% | Bank deposits, currency |
| KiwiSaver/Pensions | $135.7B | 5.7% | All retirement savings |
| Business Equity | $53.5B | 2.2% | Sole traders, partnerships |
| Other | $35.0B | 1.5% | Other financial assets |
| TOTAL | $2,397B | 100% |
Detailed assset breakdown (using Stats NZ's asset names and categories)
| Asset Type | Total Value | Share | Households |
|---|---|---|---|
| Owner-occupied dwellings | $926.5B | 38.7% | 1,049,000 |
| Non-financial equity in family trust | $274.6B | 11.5% | 134,000 |
| Other real estate (investment property) | $235.0B | 9.8% | 279,000 |
| Consumer durables (cars, furniture, etc) | $224.0B | 9.3% | 1,944,000 |
| Currency and bank deposits | $143.2B | 6.0% | 1,915,000 |
| KiwiSaver and pension funds | $135.7B | 5.7% | 1,404,000 |
| Financial equity in family trust | $133.4B | 5.6% | 48,000 |
| Other equity (not in trust) | $116.1B | 4.8% | 200,000 |
| Managed funds | $54.7B | 2.3% | 213,000 |
| Unincorporated business equity | $53.5B | 2.2% | 113,000 |
| Direct shares in companies | $45.6B | 1.9% | 401,000 |
| Valuables (art, jewellery, collectibles) | $19.3B | 0.8% | 604,000 |
| Other financial assets | $19.8B | 0.8% | 269,000 |
| Bonds and debt securities | $15.2B | 0.6% | 33,000 |
| TOTAL HOUSEHOLD ASSETS | $2,397B | 100% | 1,985,000 |
What New Zealanders Owe - $329.9 Billion in Liabilities
Mortgages dominate household debt - property loans make up 89% of all household liabilities. This shows how leveraged New Zealand households are to property.
| Liability Type | Total Value | Share | Households |
|---|---|---|---|
| Owner-occupied home loans (mortgages) | $215.9B | 65.4% | 600,000 |
| Investment property loans | $78.4B | 23.8% | 156,000 |
| Other loans and liabilities | $20.9B | 6.3% | 1,187,000 |
| Education loans (student loans) | $13.7B | 4.2% | 403,000 |
| Consumer durable loans | $0.9B | 0.3% | 386,000 |
| TOTAL LIABILITIES | $329.9B | 100% | 1,530,000 |
New Zealand's Inequality Story - Who Owns What
Wealth in New Zealand is highly concentrated. The numbers are stark. The top 10% of households own nearly half of everything ($1 trillion). The bottom half of New Zealand shares just 6.7% between them. The Gini coefficient is 66.1 - high by international standards, and a clear sign wealth is heavily concentrated at the top. Wealth inequality is significantly worse than income inequality.
| Group | Share of Total Wealth | $ Value | What This Means |
|---|---|---|---|
| Top 1% | 14.1% | ~$291 billion | ~20,000 households |
| Top 5% | 34.2% | ~$707 billion | ~99,000 households |
| Top 10% | 48.5% | ~$1.0 trillion | ~199,000 households own nearly half |
| Top 50% | 93.3% | ~$1.93 trillion | ~993,000 households |
| Bottom 50% | 6.7% | ~$138 billion | ~993,000 households share this |
| Gini coefficient | 66.1 (high inequality - 0 = perfect equality, 100 = one person owns everything - MoneyHub uses the 0 to 100 scale, not the alternative 0 to 1 scale) | ||
Wealth by Quintile: The Full Picture
Know This: The bottom quintile has a negative average net worth (-$9,000). This means their debts exceed their assets. Meanwhile, the top quintile averages $3.45 million - that's a gap of $3.46 million between the richest and poorest 20% of households.
| Quintile | Net Worth Range | Total Wealth | Share | Average Net Worth |
|---|---|---|---|---|
| Bottom 20% | Under $52,577 | -$3.5B | -0.2% | -$9,000 |
| Second 20% | $52,577 – $307,007 | $59.4B | 2.9% | $150,000 |
| Middle 20% | $307,008 – $780,499 | $213.3B | 10.3% | $538,000 |
| Fourth 20% | $780,500 – $1,450,999 | $427.0B | 20.7% | $1,075,000 |
| Top 20% | $1,451,000+ | $1,371.4B | 66.3% | $3,454,000 |
Ethnic Wealth Disparities - The Gap Exposed
Wealth in New Zealand is not evenly distributed across ethnic groups, and the data reveal significant and persistent gaps - European/Pākehā New Zealanders hold substantially more wealth than Māori, Pacific peoples, and Asian groups.
Important: These figures are age-standardised to allow fair comparison - they account for differences in age distribution between ethnic groups.
Know This:
Why the Gap Exists:
Our View: These gaps persist across all age groups and have not materially narrowed since 2018. The wealth gap is not just about income - it's about asset ownership, inheritance, and access to the property market. Without targeted intervention, these disparities are almost certain to continue and could get worse.
Important: These figures are age-standardised to allow fair comparison - they account for differences in age distribution between ethnic groups.
Know This:
- The median European/Pākehā individual has $222,000 in net worth.
- The median Pacific person has $26,000 - that's an 8.5X gap.
- Māori sit at $52,000 (4.3X lower).
- These aren't small differences - they represent fundamentally different financial realities.
Why the Gap Exists:
- Homeownership rates: European homeownership is significantly higher. Property is 48.5% of all wealth - if you don't own property, you're (in no uncertain terms) excluded from New Zealand's main wealth-building mechanism.
- Intergenerational transfers: Inheritances and family gifts compound existing gaps (as we outline in the inheritance section). Those whose parents owned property inherit wealth; those whose parents rented inherit nothing.
- Income disparities: Wealth is accumulated from income, and New Zealand's persistent income gaps by ethnicity flow through to wealth gaps over time.
- Historical factors: Land confiscations, urban migration patterns, and differential access to credit have compounded over generations.
Our View: These gaps persist across all age groups and have not materially narrowed since 2018. The wealth gap is not just about income - it's about asset ownership, inheritance, and access to the property market. Without targeted intervention, these disparities are almost certain to continue and could get worse.
| Ethnic Group | Median Net Worth | Mean Net Worth | Gap to European (Median) | Gap to European (Mean) |
|---|---|---|---|---|
| European/Pākehā | $222,000 | $552,000 | -- | -- |
| Other ethnic group | $85,000 | $445,000 | 2.6× lower | 1.2× lower |
| Asian | $61,000 | $419,000 | 3.6× lower | 1.3× lower |
| Māori | $52,000 | $331,000 | 4.3× lower | 1.7× lower |
| Pacific Peoples | $26,000 | $176,000 | 8.5× lower | 3.1× lower |
| All NZ (Total) | $136,000 | $489,000 | -- | -- |
The Inheritance Effect - Wealth Gives Rise to More Wealth
This is new data for 2024 - Stats NZ now tracks whether households have received inheritances or substantial gifts ($5,000+ in the last 10 years). The results are striking.
Know This: Households that have received an inheritance have a median net worth of $984,000 - nearly double the overall median of $529,000. Those who received substantial gifts are worth $528,000 (median). Those who received neither are likely well below the median. Furthermore:
Our View: This is the 'Great Wealth Transfer' in action. Those who receive inheritances don't just get a cash boost - they get a permanent head start. An inheritance often enables property purchase, which then compounds through house price growth. Those without family wealth face a fundamentally different path.
Know This: Households that have received an inheritance have a median net worth of $984,000 - nearly double the overall median of $529,000. Those who received substantial gifts are worth $528,000 (median). Those who received neither are likely well below the median. Furthermore:
- 890,000 households (45% of all households) have received an inheritance or substantial gift
- 467,000 households (24%) expect to receive $100,000+ in future - they already have a median wealth of $855,000
- The remaining ~55% of households have received nothing and expect nothing - they're building wealth from scratch
Our View: This is the 'Great Wealth Transfer' in action. Those who receive inheritances don't just get a cash boost - they get a permanent head start. An inheritance often enables property purchase, which then compounds through house price growth. Those without family wealth face a fundamentally different path.
| Household Category | Median Net Worth | Mean Net Worth | Households | Share of NZ |
|---|---|---|---|---|
| Received an inheritance (ever) | $984,000 | $1,579,000 | 642,000 | 32% |
| Received substantial gift ($5,000+ in the last 10 yrs) | $528,000 | $1,003,000 | 372,000 | 19% |
| Received inheritance AND/OR gift | $817,000 | $1,374,000 | 890,000 | 45% |
| Expect to receive a $100,000+ inheritance/gift | $855,000 | $1,484,000 | 467,000 | 24% |
| All households (total) | $529,000 | $1,041,000 | 1,986,000 | 100% |
Wealth by Age - How Much Should You Have?
One of the most common questions: 'Am I on track?' MoneyHub has several guides on this, including:
Here's how wealth builds over a lifetime:
- Can the Average New Zealander Become a Millionaire?
- How Much Do You Need to Retire Comfortably in New Zealand
- Average and Median New Zealand Net Worth by Age
- Net Worth Calculator
Here's how wealth builds over a lifetime:
- Wealth peaks at 55-64 ($877,000 average), then gradually declines as retirees spend their savings.
- The 35-44 age group carries the most debt ($138,000 average) - typically the peak mortgage years with young families.
- If you're 35 and have a $321,000 net worth, you're right on the average.
- But remember - averages are skewed by New Zealand's wealthy.
| Age Group | Mean Net Worth | Mean Assets | Mean Liabilities | Life Stage |
|---|---|---|---|---|
| 15-24 | $18,000 | $30,000 | $13,000 | Starting out |
| 25-34 | $136,000 | $227,000 | $91,000 | Building |
| 35-44 | $321,000 | $459,000 | $138,000 | Peak debt |
| 45-54 | $647,000 | $775,000 | $128,000 | Paying down |
| 55-64 | $877,000 | $989,000 | $112,000 | Peak wealth |
| 65-74 | $860,000 | $918,000 | $58,000 | Early retirement |
| 75+ | $777,000 | $814,000 | $37,000 | Spending down |
Homeowners vs Renters - The 10X Wealth Gap
The single biggest predictor of wealth in New Zealand isn't income, education, or age - it's whether you own your home.
Know This:
Know This:
- Mortgage-free homeowners average $1.81 million
- Renters average $185,000 - that's a 9.8× difference
- Even with a mortgage, homeowners have 5X the wealth of renters
- This isn't just about the house value - homeowners tend to have more of everything - savings, investments, KiwiSaver etc
- It's widely accepted that the wealth gap compounds over time
| Housing Status | Mean Net Worth | Median Net Worth | Households | vs Renters |
|---|---|---|---|---|
| Home in family trust | $2,408,000 | $1,206,000 | 233,000 | 13.0× |
| Own home - no mortgage | $1,809,000 | $1,287,000 | 461,000 | 9.8× |
| Own home - with mortgage | $934,000 | $727,000 | 571,000 | 5.0× |
| Renting | $185,000 | $57,000 | 715,000 | 1.0× |
Regional Wealth - Where New Zealand's Money Lives
What you need to know:
- Auckland has the highest mean ($1.117m) but the lowest median ($444,000) - extreme inequality.
- Wellington has the highest median ($658,000), suggesting more evenly distributed wealth.
- The rest of the South Island has surprisingly high mean wealth ($1.164m), likely reflecting wealthy farming and tourism areas such as Queenstown and Central Otago.
- We would like to drill more into the regions and their numbers but Stats NZ data does not collect this data.
| Region | Mean Net Worth | Median Net Worth | Households | Notes |
|---|---|---|---|---|
| Rest of South Island | $1,164,000 | $541,000 | 232,000 | Queenstown, Otago wealth |
| Auckland | $1,117,000 | $444,000 | 599,000 | High mean, low median = inequality |
| Wellington | $1,105,000 | $658,000 | 212,000 | Highest median — more equal |
| Rest of North Island | $957,000 | $517,000 | 670,000 | Largest region by households |
| Canterbury | $894,000 | $581,000 | 273,000 | Solid median performance |
| All New Zealand | $1,041,000 | $529,000 | 1,985,000 |
Wealth by Education - Does Getting a Degree Pay Off?
Education is often promoted as the path to financial success. The data shows a clear correlation - but the relationship isn't straightforward.
Know This: Level 5-6 diploma holders have higher median wealth ($346,000) than Bachelor's degree holders ($194,000). However, not all is what it seems:
Data insights:
Our View: Education correlates with wealth, but it's not a straight line. Timing matters - graduating into a hot property market with no debt arguably beats graduating with a PhD and $50,000 in student loans into a flat market. The data suggests trade qualifications may offer better wealth outcomes than commonly assumed.
Know This: Level 5-6 diploma holders have higher median wealth ($346,000) than Bachelor's degree holders ($194,000). However, not all is what it seems:
- We believe this because of age and timing - many diploma holders are older tradespeople who bought houses decades ago.
- Many degree holders are younger professionals still paying off student loans and saving for deposits.
Data insights:
- No qualification to Level 4: The jump from $51,000 to $236,000 (median) is massive - basic qualifications matter
- Trade qualifications work: Level 4 certificate holders (tradies) have a solid median wealth of $236,000
- Highest mean at the top: Master's/Doctorate holders have the highest mean ($691,000) - the high earners are very high
- Median vs Mean gap: Degree holders have a lower median but a higher mean - suggesting wide variation in outcomes
Our View: Education correlates with wealth, but it's not a straight line. Timing matters - graduating into a hot property market with no debt arguably beats graduating with a PhD and $50,000 in student loans into a flat market. The data suggests trade qualifications may offer better wealth outcomes than commonly assumed.
| Highest Qualification | Median Net Worth | Mean Net Worth | People | Notes |
|---|---|---|---|---|
| No qualification | $51,000 | $324,000 | 651,000 | Lowest median |
| Level 1-3 certificate (NCEA) | $60,000 | $380,000 | 854,000 | School-level |
| Level 4 certificate (trade cert) | $236,000 | $505,000 | 398,000 | Tradies do well |
| Level 5-6 diploma | $346,000 | $656,000 | 452,000 | Highest median! |
| Bachelor's degree / Level 7 | $194,000 | $681,000 | 623,000 | Lower median than trades |
| Postgraduate / Honours | $372,000 | $667,000 | 264,000 | Strong median |
| Master's / Doctorate | $353,000 | $691,000 | 224,000 | Highest mean |
| All individuals (total) | $136,000 | $489,000 | 4,129,000 |
Gender Wealth Gap Overview
The gender wealth gap is smaller than the gender pay gap - but it tells a different story depending on whether you look at median or mean.
Know This: Women have a higher median net worth ($143,000 vs $132,000) but a lower mean ($456,000 vs $526,000). This means the 'typical' woman is slightly wealthier than the 'typical' man. But men dominate at the extreme top - the very wealthy are disproportionately male, pulling up the male average.
Why the pattern? There are several reasons:
Know This: Women have a higher median net worth ($143,000 vs $132,000) but a lower mean ($456,000 vs $526,000). This means the 'typical' woman is slightly wealthier than the 'typical' man. But men dominate at the extreme top - the very wealthy are disproportionately male, pulling up the male average.
Why the pattern? There are several reasons:
- Relationship status: Women are more likely to be in households with a partner - wealth is often shared
- Longevity: Women live longer and often inherit from partners, boosting median wealth
- Top-end skew: Business ownership and high-risk/high-reward investments skew male - this pulls up the mean
- KiwiSaver gap: Men have higher mean pension funds ($38,000 vs $27,000) - reflecting higher lifetime earnings
| Gender | Median Net Worth | Mean Net Worth | Mean Assets | Mean Liabilities |
|---|---|---|---|---|
| Males | $132,000 | $526,000 | $609,000 | $83,000 |
| Females | $143,000 | $456,000 | $529,000 | $74,000 |
| All individuals | $136,000 | $489,000 | $567,000 | $78,000 |
The gender wealth gap, outlined below, is real but nuanced. For most New Zealanders, gender matters less than homeownership, age, and inheritance. But at the very top of the wealth distribution, the gap is stark - extreme wealth is predominantly male.
| The Gap | Difference | Who's Ahead? |
|---|---|---|
| Median net worth | +8% | Females |
| Mean net worth | +15% | Males |
| KiwiSaver/Pensions (mean) | +41% | Males ($38,000 vs $27,000) |
Family Trusts - $408 Billion in Hidden Wealth
New Zealand has a unique trust culture - a significant portion of household wealth is held in family trusts, often for asset protection, estate planning, or tax purposes, although reforms in 2021 and ongoing government examination may affect their popularity over time.
Know This: Trust-holding households average $2.41 million in net worth - more than double the overall average. Only ~9% of households hold assets in trusts, but they hold 17% of all wealth. We assume 'Non-financial equity' in trusts is likely property and farms, and that 'Financial equity' is investments, shares, and cash.
Know This: Trust-holding households average $2.41 million in net worth - more than double the overall average. Only ~9% of households hold assets in trusts, but they hold 17% of all wealth. We assume 'Non-financial equity' in trusts is likely property and farms, and that 'Financial equity' is investments, shares, and cash.
| Trust Asset Type | Total Value | Households | Avg per Household |
|---|---|---|---|
| Non-financial equity in family trust | $274.6B | 134,000 | $2,049,000 |
| Financial equity in family trust | $133.4B | 48,000 | $2,779,000 |
| Total trust-held assets | $408.0B | ~180,000* | $2,267,000 |
KiwiSaver and Workplace Pensions - Just 5.7% of Wealth
Despite KiwiSaver's growth, retirement savings remain a small part of household wealth.
Our View: KiwiSaver is working - balances grew 27.7% since 2021. But at just 5.7% of total wealth, we're still a nation that builds wealth through property, not retirement savings. The average balance is low, and won't fund a 25-year retirement. This is why NZ Super and home equity remain critical for most retiree
Our View: KiwiSaver is working - balances grew 27.7% since 2021. But at just 5.7% of total wealth, we're still a nation that builds wealth through property, not retirement savings. The average balance is low, and won't fund a 25-year retirement. This is why NZ Super and home equity remain critical for most retiree
| Metric | Value | Notes |
|---|---|---|
| Total pension fund assets | $135.7 billion | KiwiSaver + workplace + private pensions |
| Share of total household assets | 5.7% | Property is 48.5% - 8.5× larger |
| Households with pension/KiwiSaver | 1,404,000 | 71% of all households |
| Mean balance (if have one) | $97,000 | Across all members of household |
| Median balance (if have one) | $52,000 | Typical household balance |
| Growth since 2021 | +27.7% | $106B → $136B in 3 years |
Crypto Assets: $768 Million
Stats NZ now tracks crypto separately - a sign of the times, and something our research team appreciates to further help with our data analysis.
In summary:
Important: Crypto values are highly volatile - these figures are a snapshot as of June 2024.
In summary:
- Total cryptocurrency assets: $768 million
- Households with crypto: 67,000 (3.4% of all households)
- Average holding: ~$11,500 per crypto-owning household
Important: Crypto values are highly volatile - these figures are a snapshot as of June 2024.
| Crypto Metric | Value | Notes |
|---|---|---|
| Total crypto-currency assets | $768 million | All NZ households |
| Households holding crypto | 67,000 | 3.4% of all households |
| Average holding (if have crypto) | ~$11,500 | Mean balance per household |
| Median holding (if have crypto) | ~$2,000 | Typical balance — most hold small amounts |
| Share of total household assets | 0.03% | Tiny fraction of total wealth |
Warning:
Important: Crypto ownership is reported by a relatively small share of households (3.4%), so totals and averages are more sensitive to sampling error than large categories like property and mortgages.
- By including cryptocurrency this guide, we are not recommending or suggesting in any way or form cryptocurrency is a suitable investment.
- MoneyHub is conservative and our publisher, Christopher Walsh, has zero Bitcoin investments. Bitcoin has proven to be highly volatile and we strongly suggest reading this guidance from the FMA before making any investment. Like the FMA, MoneyHub is also cautious.
Important: Crypto ownership is reported by a relatively small share of households (3.4%), so totals and averages are more sensitive to sampling error than large categories like property and mortgages.
2021 vs 2024 - Explaining Where the Growth in Wealth Came From
Household wealth grew 28% in three years - from $1.62 trillion to $2.07 trillion. But the gains weren't evenly distributed.
What we observed:
What drove the growth?
Our View: The data change represents the COVID property boom crystallised. Those who owned homes in 2021 gained ~$300,000 in paper wealth, but those who didn't own homes watched from the sidelines. The slight improvement in inequality metrics is real but modest - the fundamental wealth structure of New Zealand didn't change.
Did inequality actually improve?
What we observed:
- Median grew faster than mean (+33% vs +21%)
- This is unusual - it suggests the 'typical' household gained more than the average.
- This is because house prices rose broadly, lifting all homeowners.
- The Gini coefficient improved slightly (67.6 to 66.1), indicating marginally less inequality.
What drove the growth?
- Property (+49% for homes): The 2021-2022 house price boom is the dominant factor. Owner-occupied housing added $305 billion in value.
- KiwiSaver (+28%): Retirement savings grew solidly, though still only 5.7% of total assets.
- Consumer durables (+41%): Vehicle values rose sharply (supply constraints), and household goods were upgraded during COVID.
- Debt grew more slowly (+21%): Debt rose, but not as fast as assets - net worth improved.
Our View: The data change represents the COVID property boom crystallised. Those who owned homes in 2021 gained ~$300,000 in paper wealth, but those who didn't own homes watched from the sidelines. The slight improvement in inequality metrics is real but modest - the fundamental wealth structure of New Zealand didn't change.
Did inequality actually improve?
- Stats NZ emphasises that inequality measures are 'broadly unchanged' despite the slight improvement in the Gini coefficient.
- The top 10% still own 48.5% of everything. The bottom 50% still share just 6.7%.
- The wealth distribution is sticky - a property boom lifts all homeowners proportionally, but doesn't fundamentally redistribute wealth.
| Metric | June 2021 | June 2024 | Change | What Happened |
|---|---|---|---|---|
| Total household net worth | $1.615 trillion | $2.067 trillion | +28.0% | +$452 billion |
| Median net worth | $399,000 | $529,000 | +32.6% | Grew faster than mean! |
| Mean net worth | $864,000 | $1,041,000 | +20.5% | +$177k per household |
| Owner-occupied dwellings | $621.3B | $926.5B | +49.1% | THE driver — +$305B |
| Investment property | $187.3B | $235.0B | +25.5% | +$48B |
| KiwiSaver/Pensions | $106.3B | $135.7B | +27.7% | Strong growth |
| Consumer durables | $159.5B | $224.0B | +40.5% | Vehicle values up |
| Total liabilities | $271.7B | $329.9B | +21.4% | Debt grew slower than assets |
| Gini coefficient (inequality) | 67.6 | 66.1 | -1.5 pts | Marginally less unequal |
| Top 10% share of wealth | ~50% | 48.5% | ~unchanged | Still own nearly half |
| Number of households | 1.87 million | 1.99 million | +6.2% | +120k households |
Frequently Asked Questions
How does this compare to our debt statistics?
Our NZ Debt Statistics guide shows $608.7 billion in total debt (RBNZ data, November 2025). This guide shows household liabilities totalling $329.9 billion (Stats NZ, June 2024). The difference? RBNZ data includes business and agricultural debt; Stats NZ is household-only. Both are correct - they measure different things.
Is the average New Zealander really a millionaire?
The mean household net worth is $1,041,000 - yes, technically millionaires. But the median is $529,000, and the bottom 20% have negative net worth. The 'average' is skewed by the wealthy - most New Zealanders are not millionaires in any meaningful sense.
Why is property such a large share of wealth?
There are several reasons:
The result is that New Zealand has built wealth through houses, not diversified portfolios or 'productive assets'.
- House prices have risen dramatically over the decades, and
- New Zealanders have a cultural preference for property investment, and
- Tax settings favour property (no capital gains tax on most sales), and
- KiwiSaver is relatively new (started in 2007)
The result is that New Zealand has built wealth through houses, not diversified portfolios or 'productive assets'.
What's included in 'consumer durables'?
Cars, furniture, appliances, electronics - anything that's not property or financial assets. At $224 billion total, this is surprisingly large. The average household has ~$115,000 in consumer durables, mostly driven by vehicle values.
How accurate is this data?
Stats NZ surveys ~5,000 households every 3 years. However:
- The data contains sampling errors
- Property values are self-reported and may be conservative
- Trust assets are included where household members are beneficiaries
- It's the best data we have, but please treat precise figures as estimates
Does this include businesses and farms?
Partially. 'Equity in own unincorporated enterprises' ($53.5B) covers sole traders and partnerships. Trust-held assets ($408B) likely include many farms. But large incorporated businesses are separate legal entities - their value would only appear if the household owns shares.
How we verified this data
All figures in this guide are taken directly from Stats NZ’s Household Net Worth Statistics – Year ended June 2024 release, published every three years. To verify accuracy, MoneyHub:
Know This: The numbers are Stats NZ’s - MoneyHub structures, reconciles, and explains what they mean (and what they don’t).
- Reconciled the headline totals so that Assets – Liabilities = Net worth (and checked totals match Stats NZ tables after rounding).
- Checked per-household averages by confirming:
- Total net worth ÷ number of households = mean household net worth, and
- Total assets ÷ households and total liabilities ÷ households match the published averages.
- Cross-checked category totals (e.g., owner-occupied housing, investment property, KiwiSaver/pensions, trust assets) to ensure the sub-totals sum to the published totals.
- Validated inequality measures (top 10%, bottom 50%, quintiles, Gini coefficient) against the Stats NZ distribution tables.
- Kept demographic figures in context, noting when Stats NZ reports individual net worth (e.g., ethnicity and gender) versus household net worth (most headline tables).
- Preserved Stats NZ caveats: Figures are estimates with sampling error; property values can differ from market values; and smaller categories (like crypto) have higher uncertainty.
Know This: The numbers are Stats NZ’s - MoneyHub structures, reconciles, and explains what they mean (and what they don’t).
