The net worth of New Zealand households fell $88.9 billion, 3.7 percent during the June 2022 quarter, Stats NZ said today.
The June 2022 quarter decline is more than twice the $40.1 billion fall in the March 2022 quarter. The two consecutive quarters of declining household net worth follow ten consecutive quarters of gains.
Net worth is the value of all assets owned by households less the value of all their liabilities.
| Quarter | Net worth |
| Jun-16 | 1444949000000 |
| Sep-16 | 1499336000000 |
| Dec-16 | 1525716000000 |
| Mar-17 | 1535673000000 |
| Jun-17 | 1576483000000 |
| Sep-17 | 1608726000000 |
| Dec-17 | 1643802000000 |
| Mar-18 | 1662987000000 |
| Jun-18 | 1670989000000 |
| Sep-18 | 1706830000000 |
| Dec-18 | 1715141000000 |
| Mar-19 | 1743646000000 |
| Jun-19 | 1737993000000 |
| Sep-19 | 1766580000000 |
| Dec-19 | 1808525000000 |
| Mar-20 | 1832576000000 |
| Jun-20 | 1861858000000 |
| Sep-20 | 1926731000000 |
| Dec-20 | 2048318000000 |
| Mar-21 | 2194946000000 |
| Jun-21 | 2282686000000 |
| Sep-21 | 2367436000000 |
| Dec-21 | 2475910000000 |
| Mar-22 | 2435821000000 |
| Jun-22 | 2346950000000 |
”Household net worth dropped $129.0 billion, 5.2 percent during the first half of 2022 as property values and share markets fell,” national accounts – institutional sectors senior manager Paul Pascoe said.
“The falls reverse some of the gains made during 2021 when household net worth increased $427.6 billion. Despite the last two quarters’ falls, household net worth of $2,347.0 billion was still higher than the level at December 2020 of $2,048.3 billion”.
Over half of the $88.9 billion fall in household’s net worth in the June 2022 quarter fall was driven by falling property values for owner-occupied property, down $48.4 billion, 3.7 percent.
Household financial assets fell $37.5 billion (2.7 percent) during the June 2022 quarter. These assets include ownership of shares, rental properties, investment funds and pension schemes including Kiwisaver, and deposits. Falls in the New Zealand stock exchange and falling land values contributed to the decline. Meanwhile, households continue to increase the level of their currency and deposits, up $3.2 billion (1.4 percent) during the June quarter.
