Household net worth, the value of all assets owned by households less the value of all its liabilities, fell $10.3 billion in the December 2022 quarter, according to quarterly figures released by Stats NZ today.
The net worth fall of 0.5 percent follows falls in the previous three quarters, however the rate of decline has eased in the current quarter.
“The four quarters of decline in household net worth have resulted in an annual fall of $176 billion, or 7.3 percent, from the peak in December 2021,” national accounts institutional sectors senior manager Paul Pascoe said.
“The total net worth of households was $2,251 billion in December 2022.”
| Quarter | Change in net worth |
| Jun-16 | |
| Sep-16 | 53988000000 |
| Dec-16 | 26564000000 |
| Mar-17 | 9374000000 |
| Jun-17 | 36964000000 |
| Sep-17 | 31514000000 |
| Dec-17 | 34828000000 |
| Mar-18 | 14855000000 |
| Jun-18 | 7568000000 |
| Sep-18 | 35475000000 |
| Dec-18 | 10393000000 |
| Mar-19 | 21331000000 |
| Jun-19 | -9367000000 |
| Sep-19 | 25696000000 |
| Dec-19 | 37266000000 |
| Mar-20 | 26265000000 |
| Jun-20 | 33978000000 |
| Sep-20 | 80853000000 |
| Dec-20 | 121808000000 |
| Mar-21 | 117838000000 |
| Jun-21 | 74908000000 |
| Sep-21 | 96669000000 |
| Dec-21 | 93809000000 |
| Mar-22 | -46624000000 |
| Jun-22 | -73477000000 |
| Sep-22 | -45609000000 |
| Dec-22 | -10279000000 |
| Quarter | Net worth |
| Jun-16 | 1444024000000 |
| Sep-16 | 1498012000000 |
| Dec-16 | 1524576000000 |
| Mar-17 | 1533950000000 |
| Jun-17 | 1570914000000 |
| Sep-17 | 1602428000000 |
| Dec-17 | 1637256000000 |
| Mar-18 | 1652111000000 |
| Jun-18 | 1659679000000 |
| Sep-18 | 1695154000000 |
| Dec-18 | 1705547000000 |
| Mar-19 | 1726878000000 |
| Jun-19 | 1717511000000 |
| Sep-19 | 1743207000000 |
| Dec-19 | 1780473000000 |
| Mar-20 | 1806738000000 |
| Jun-20 | 1840716000000 |
| Sep-20 | 1921569000000 |
| Dec-20 | 2043377000000 |
| Mar-21 | 2161215000000 |
| Jun-21 | 2236123000000 |
| Sep-21 | 2332792000000 |
| Dec-21 | 2426601000000 |
| Mar-22 | 2379977000000 |
| Jun-22 | 2306500000000 |
| Sep-22 | 2260891000000 |
| Dec-22 | 2250612000000 |
A fall in owner-occupied property values contributed to the decline in net worth in the December quarter, down $12.3 billion or 1.0 percent. This also follows falls in the previous three quarters, though the pace of the falls has also eased from the average of 1.8 percent per quarter for the 2022 year.
Offsetting the fall in household property valuations was a rise in financial assets, up $5.3 billion, mainly due to a $3.6 billion increase in currency and deposits and a $1.8 billion increase in insurance and pensions. Equity and investment fund shares remained relatively unchanged, down only $0.1 billion compared with a decline of $14.9 billion in the previous quarter.
A rise in household debt of $3.2 billion or 1.1 percent also contributed to the decline in net worth. Household debt, due mainly to household mortgages, continued to grow during the 2022 year at an average rate of 1.2 percent per quarter.
