New Zealanders have topped the world for the biggest annual jump in wealth, however one prominent economist warned the figures were further evidence of growing inequality in a country that is experiencing “a rise of the landed gentry”. There were 347,000 people in the country with more than US$1m to their name in 2021, the report said. “The increase in house prices has been extraordinary,” he said. By August 2021, house prices had increased by 25% over the previous 12 months alone – on top of already extraordinarily high prices. “The strong rise in financial assets resulted in an increase in inequality in 2021,” said the bank’s report.

Source: The Guardian September 21, 2022 09:13 UTC