The richest 150 New Zealand individuals and family dynasties now own as much between them as half of the country, the Green Party says.
According to the National Business Review’s report today, assets held by New Zealand’s super rich have increased 26.35% in a single year, from $102.1b to $129b.
“One hundred and fifty people and dynasties recorded a $27 billion increase in their wealth as homelessness reached a record high and a third of families suffer food insecurity. These things are connected,” says Green Party Co-leader Chlöe Swarbrick.
“Our economy is bigger than it’s ever been, and it’s being hoovered up, not trickling down. The wealthiest 150 people now own as much as half of the rest of the country.”
“As we look across to the United States and wonder how their politics turned so toxic and their economy so unequal, the answer is enabling excessive wealth accumulation for a select few while regular people starve, have healthcare and education and job opportunities denied.”
“IRD told us years ago that the richest people in Aotearoa pay half the effective tax rate that the average hard-working New Zealander does. That’s a rigged system, and one Luxon moved at pace to hide when, in his first hundred days in power, the Government revoked IRD’s ability to report on the unfairness of the tax system.”
“New Zealand’s ‘cost of living’ crisis is actually a cost of greed crisis. While most people have watched their living standards go backwards these last few years, a handful have raked in billions and corporations have reported record profits.”
“Our country has the resources to ensure everyone has a decent life and the opportunity to fulfil their potential. The question is whether we believe in democracy, which means a fair tax system, functional infrastructure and citizens’ basic needs being met.”
“This week, the Greens will announce our election policy to fix the tax system, and ensure the super-rich contribute their fair share to the society they profit from, to rebuild a country that works for all of us,” says Swarbrick.
