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  1. #1
    Join Date
    Aug 2003
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    Default Stats NZ: 10% have 60% of country's net worth

    What do we think of the Wealth Statistics in this article on Interest.co.nz

    Wealth among top 1, 5 and 10 percent is growing.

    However distribution is on a par with other OECD countries.

    The wealthiest among us invest in shares etc....as they have the readies to do so.

    The most-valuable asset held by Kiwi households was the house they lived in, which made up 59% of all non-financial assets. One in two households owned the house they lived in. Housing also contributed the most to debt levels – mortgage debt was over 60% of household liabilities.
    So in theory mortgage debt at 6 times income - interesting.

    Stats NZ reports 14% of New Zealand households own real estate other than the home they live in (holiday homes, timeshares, commercial and residential investment properties, land).
    cheers,

    Donna
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  2. #2
    Join Date
    Apr 2016
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    2,343

    Default

    This is the human condition. Wealth will never be distributed evenly. It's fantasy. I remember some research a few years ago where they tried to model what would happen is all the worlds weather was evenly distributed. They concluded that in under 12 years things would be back how they were.

  3. #3
    Join Date
    Apr 2004
    Location
    Auckland
    Posts
    1,896

    Default

    How do you cure stupid & lazy?
    Tax the working middle class some more I guess.
    The three most harmful addictions are heroin, carbohydrates and a monthly salary - Fred Wilson.

  4. #4
    Join Date
    Jun 2004
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    10,314

    Default

    The top few % pay most of the tax also.
    Is there a problem I'm supposed to be seeing in these stats?

  5. #5
    Join Date
    Apr 2016
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    Default

    That of course isn't true Wayne but we like to think it is. The middle income earners pay the majority of tax surely?

  6. #6
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    Sep 2004
    Location
    Hastings
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    Default

    Quote Originally Posted by Bobsyouruncle View Post
    That of course isn't true Wayne but we like to think it is. The middle income earners pay the majority of tax surely?
    Yeah, right!

    Small Number Of Taxpayers Bear The Brunt Of New Zealand Tax Bill

    26 June 2016

    Quote Originally Posted by Stuff
    More than one in four households are contributing nothing to New Zealand's tax take. A table from Finance Minister Bill English's office shows 663,000 households - or 40 per cent - receive more in tax credits and other benefits than they pay in tax. Thousands more are neutral contributors, or are close to it.

    Households earning less than $50,000 receive more in credits than they pay in direct income tax by about a third. On a net tax basis, 48,000 households pay 28 per cent of all tax. By comparison, the top 3 per cent of individual income earners, earning more than $150,000 a year, pay 24 per cent of all tax received.
    Last edited by Perry; 08-06-2017 at 05:00 PM. Reason: fixed typo
    Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

  7. #7

    Default

    There was an article in the Dom post the other day quoting a stat that 40% of households are net beneficiaries - meaning they get more in govt assistance than they pay in tax. Used example of family on household income of $60k from memory receiving more in support than tax paid.

    if that stat is true then it stands that 60% of all households pay 100% of the tax on a nett basis.

  8. #8
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    Jun 2004
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    Default

    Quote Originally Posted by Bobsyouruncle View Post
    That of course isn't true Wayne but we like to think it is. The middle income earners pay the majority of tax surely?
    What Perry said!
    Always been the case

    The 40% not paying any tax (effectively) didn't get any traction in the media - I suspect people don't really want to know.

  9. #9
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    Sep 2004
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    Hastings
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    The Top Tenth Of Kiwis Hold Well Over Half Of New Zealand's Wealth
    28 June 2016
    Quote Originally Posted by Stuff
    The Government is dismissing claims the rich are taking an increasing share of New Zealand's wealth, saying there is "nothing out of the ordinary" with the existing gap. In the year to June 30, 2015, the top 10 per cent of individuals held about 59 per cent of the wealth in New Zealand, compared to about 54 per cent in 2009/10. The top 5 per cent of individuals held around 45 per cent of the wealth, while the top 1 per cent held about 22 per cent.

    But Finance Minister Bill English dismissed the significance of the figures. "Wealth distribution among households in New Zealand is around average for OECD countries - about the same as Canada, but considerably more equal than the Netherlands and the United States so it's nothing out of the ordinary." The figures show that in New Zealand, the wealthiest 1 per cent of households (rather than individuals) have 18 per cent of the wealth. In Australia, the figure is 13 per cent.
    Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

  10. #10
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    Apr 2016
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    Default

    Well that's a slightly different topic. Their tax is being credited back but they are still in the major tax payers on paper. If the top earners are only paying 24% of the tax then that proves my point. They pay very little tax relative to income, unlike the middle class.


 

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