Rising house prices and immigration-fuelled economic growth were masking an underlying "iceberg that lies ahead". One of New Zealand's richest men says our tax rules "favour the old and rich" and the overheated property market is exacerbating social divisions. Jennings has been a key proponent of the "Africa rising" narrative around the continent's economic growth story. In an interview with the Business Herald, Jennings said social divisions would only worsen if such issues were not addressed. Jennings' warning is likely to grab the attention of New Zealand's political and business establishment, given his standing in the world of finance.

Source: New Zealand Herald July 14, 2016 21:40 UTC