Two New Zealanders have more wealth than the poorest 30% of the adult population, according to new research by Oxfam. The two richest Kiwis cited in the research are Graeme Hart and Richard Chandler, with estimated wealth of $US6.4 billion ($NZ9 billion) and $US2.7 billion ($NZ3.78 billion) respectively. According to the Oxfam research, the richest 1% of Kiwis have 20% of the wealth in New Zealand, with 90% of the population owning less than half of the country's wealth. Rachael Le Mesurier, executive director of Oxfam NZ, said the organisation was shocked to discover such a level of wealth inequality. It was appropriate to focus on wealth inequality in corruption-ridden countries with "tinpot rulers", he said, but elsewhere people become wealthy by producing goods and services that are valued.

Source: Otago Daily Times January 15, 2017 19:37 UTC