Household net worth fell $42.7 billion (1.9 percent) in the March 2023 quarter, following falls in the previous four quarters, according to Stats NZ figures released today.
Net worth is the value of all assets owned by households less the value of all their liabilities.
“The main contributor to the net worth decline was a fall in owner-occupied property values, which were down 2.6 percent,” national accounts institutional sectors senior manager Paul Pascoe said. “Declining property values have also led the falls in net worth in three of the previous four quarters.”
Annually, household net worth fell $175 billion, or 7.3 percent in the year ended March 2023, following a period of accelerated growth up to the December 2021 quarter.
| Quarter | Change in net worth |
| Jun-16 | |
| Sep-16 | 54117000000 |
| Dec-16 | 26512000000 |
| Mar-17 | 9085000000 |
| Jun-17 | 37340000000 |
| Sep-17 | 31575000000 |
| Dec-17 | 34691000000 |
| Mar-18 | 14556000000 |
| Jun-18 | 8051000000 |
| Sep-18 | 35743000000 |
| Dec-18 | 10340000000 |
| Mar-19 | 20633000000 |
| Jun-19 | -11245000000 |
| Sep-19 | 24657000000 |
| Dec-19 | 37599000000 |
| Mar-20 | 28849000000 |
| Jun-20 | 31070000000 |
| Sep-20 | 81711000000 |
| Dec-20 | 1.2359E+11 |
| Mar-21 | 1.18095E+11 |
| Jun-21 | 77444000000 |
| Sep-21 | 97394000000 |
| Dec-21 | 95011000000 |
| Mar-22 | -48994000000 |
| Jun-22 | -76202000000 |
| Sep-22 | -46388000000 |
| Dec-22 | -9645000000 |
| Mar-23 | -42732000000 |
| Quarter | Net worth |
| Jun-16 | 1444237000000 |
| Sep-16 | 1498354000000 |
| Dec-16 | 1524866000000 |
| Mar-17 | 1533951000000 |
| Jun-17 | 1571291000000 |
| Sep-17 | 1602866000000 |
| Dec-17 | 1637557000000 |
| Mar-18 | 1652113000000 |
| Jun-18 | 1660164000000 |
| Sep-18 | 1695907000000 |
| Dec-18 | 1706247000000 |
| Mar-19 | 1726880000000 |
| Jun-19 | 1715635000000 |
| Sep-19 | 1740292000000 |
| Dec-19 | 1777891000000 |
| Mar-20 | 1806740000000 |
| Jun-20 | 1837810000000 |
| Sep-20 | 1919521000000 |
| Dec-20 | 2043111000000 |
| Mar-21 | 2161206000000 |
| Jun-21 | 2238650000000 |
| Sep-21 | 2336044000000 |
| Dec-21 | 2431055000000 |
| Mar-22 | 2382061000000 |
| Jun-22 | 2305859000000 |
| Sep-22 | 2259471000000 |
| Dec-22 | 2249826000000 |
| Mar-23 | 2207094000000 |
Financial assets also fell, by $8.3 billion, mainly due to a decline in equity and investment fund shares. Equity includes the ownership of rental properties, which has also been impacted by falling property values.
These falls in asset values were offset by a rise in insurance and pensions, up $5.1 billion, and an increase in currency and deposits of $1.0 billion.
A rise in household loans of $2.1 billion also contributed to the decline in net worth. The rate of growth in household loans has slowed in recent quarters.
