Few will be surprised to hear that Statistics NZ has confirmed that under Labour the Rich keep getting richer and the poor are getting poorer. Their latest report on wealth illustrates the staggering inequality that exists in NZ. The richest 10% of NZers own 52% of NZ's wealth. This is up from 48% in 2001. The poorest half of NZ society now owns only 5% of the country's wealth - down from 7%. What's more, the wealth distribution is incredibly ethnic-based, with the average 'European' having a net worth of $87,000 compared to, for example, Pacific people with only $6,700. Here's the breakdown of wealth:
Top 1% own 16% of wealth
Top 5% own 38% of wealth
Top 10% own 52% of wealth
Top 50% own 95% of wealth
Bottom 50% own 5% of wealth
The Statistic NZ report in (PDF form) is here. The NZ Herald report is here. I'll try to post more analysis on this staggering report in the near future.
