Feeling wealthy? You should be - New Zealand is worlds fifth-richest country, report shows

Why not look him up, he was a very clever economist and he shouldnt be dismissed so lightly.

Doubt it

In summary:Â Whilst we have lower wages and higher levels of household debt, the banking sector encourages us to keep using what income we have to fuel more housing speculation to create a selective measure of wealth.

They cant spend it as its mostly just creative accounting.Â

They are statistics being quoted in this article, not hard facts. There is a difference.

By Credit Suisse. We are being ranked in a list including third world countries. Compared to them we have less income inequality. But that ignores the fact that income inequality has increased in NZ since the 1980s. The wealthiest 20 per cent of households in New Zealand hold 70 per cent of the wealth, while the top 10 per cent hold half the wealth.That is income inequality. In India, the top 1% have 73% of the wealth. So we are doing better than them but the income inequality numbers still tell the story behind the above story.

Compared to a third world country.

Highlights the huge imbalance in the NZ economy the fruits of fleecing your own countrymen are there for all to see.So many overpriced money grabs allowed to run rampant overlooked by past & present govts. Our own produced food sold cheaper in other countries that have higher incomes for same job in NZ. Everything we touch in NZ is just another blatant overpriced rip-off . You do not realise the magnitude of it until you travel overseas or move to another country which so many Kiwis have done . If ever a country needed price control it is NZ. Electricity, Fuel, Gas, building products, housing, food, the list is endless . Complete restructure & reform is needed . NZ no longer Gods own, but a no go Zone . Land of the long list of rip-offs. Unregulated greed gone mad.Â

How does one get such a high power bill?

Umm...perhaps because Bali is not a country. Indonesia’s in the report tho.

Exactly

Totally. To listen to our wet lefty pollies we have the most uneven distribution of wealth possible.

living the dream, no complaints from me, living rural canterbury decent income no worries

Im not sure having a high six figure debt on a poorly insulated and monstrously overvalued fibro-shack really qualifies its owner as rich.Especially when wages in NZ are so miserable by global standards and the price of basic stuff like electricity, petrol and food is so high.

How can this be when we have shocking rates of poverty?

Is this actually 1, I know of so many young people (in their 20s and early 30s) who have purchased their first home over the last 18 - 24 months.

Wealthy countries actually tend to have a high cost of living and some of the most expensive goods in the world. Norway is absolutely loaded and one of the richest nations ever - but its also right at the top of the list for expensive living. Businesses probably run on high margins to pay the high tax and high wages. It all goes to show things tend to equal out relative to each other, no matter what level of wages tax and prices are. What matters is the structure of the economy.

tell that to Hansel and Gretel.

Speak for yourself - I feel richer than ever, and most of it is thanks to Jacinda pushing up rents.

Given that she didn’t actually require more votes than others to get put into office in the first place by the biggest loser of the last election, I hardly think fear of the ballot box is a driver for Ardern whilst MMP is in place