New Zealand median household net worth up 33 per cent, wealth gap persists

Wellington, Sep 26 (IANS) New Zealand's median household net worth rose 33 per cent to 529,000 NZ dollars (305,088 US dollars) in the three years ended June 2024, driven primarily by higher real estate values, Stats NZ reported on Friday.

Owner-occupied dwellings and other real estate accounted for 48 per cent of total household assets in the year ended June 2024, up from 43 per cent in the year ended June 2021, said a statement from the statistics department, Xinhua News Agency reported.

The wealthiest 20 per cent of households saw a 24 per cent increase in median net worth to 2.4 million NZ dollars (1.38 million US dollars) in the three-year period, the statement said.

Financial assets, such as pension funds, shares, and investment funds, dominated wealth holdings among the top 20 per cent, whereas other households held mostly non-financial assets, such as real estate and durable goods, it said.

Despite these increases, wealth distribution remained largely unchanged since June 2015. The top 20 per cent still hold about two-thirds of New Zealand's total household net worth, and the top 10 per cent account for 49 per cent, slightly down from 53 per cent in the year ended June 2015, statistics show.

"This reflects an uneven distribution of wealth in the country," said Stats NZ household financial statistics spokesperson Chris Pooch.

On September 16, the statistics department Stats NZ reported that New Zealand's food prices surged 5 per cent in the 12 months to August 2025, maintaining the pace set in July.

The increase was largely driven by the grocery food group, particularly dairy products, which saw steep rises, Stats NZ said.

The average price for 2 litres of milk jumped 16.3 per cent to 4.72 NZ dollars (2.81 U.S. dollars) for the cheapest available options, with cheese soaring 26.2 per cent and butter climbing 31.8 per cent, it said.

"Dairy products continue to be the main driver for the higher annual food prices," Stats NZ prices and deflators spokesperson Nicola Growden said.

The price of 2 litres of milk has increased by 88 cents since December 2023, Growden said.

Meat, poultry, and fish posted the next largest group rise, up 8.1 per cent year-on-year, led by beef steak, beef mince, and lamb leg, statistics show.

--IANS

akl/as