Southerners hold NBR wealth list positions despite Covid

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South Island property developers Chris and Michaela Meehan and Hawke’s Bay farmers Mark and Paul Apatu are among new names added to the NBR wealth list this year.

Packaging magnate Graeme Hart remains the richest individual, with an estimated $12 billion fortune, while filmmakers Sir Peter Jackson and Dame Fran Walsh join the billionaire club thanks to the $2.3 billion sale of Weta Digital’s technology in 2021.

The Meehans rose to prominence last year with the public listing of Winton Capital, named after the Southland town where Chris grew up. The company raised $350 million in an IPO in December and aims to create about $5 billion worth of new developments, including an expansion of high-end retirement villages.

Winton owns 640ha of land in Auckland, Christchurch and Central Otago and has 29 projects planned in 13 areas, with work on developing about 7500 residential lots and dwellings, apartment units and retirement village units under way. NBR estimates the Meehans’ net worth at $600 million.

The Apatus enter the list with $120 million thanks to Apatu Farms, which produces vegetables from a 2500ha block of land in Hawke’s Bay. The business was started by their father, Ken, in the 1960s.

The Covid-19 pandemic has had mixed consequences for the country’s wealthy elite.

NBR said while values have generally increased, largely due to rising property prices and greater demand for key products and services, the disruption from Covid has not been kind to all.

One winner was Christchurch businessman Mark Stewart, whose wealth has ballooned following last year’s sale of premium pet food company Ziwi, which delivered him a payday topping $1 billion.

However, Jim and Rosemary Delegat have slipped down the list after global supply chain issues dragged on winemaker Delegat’s performance.

Disappearing from the List entirely is George Fistonich, with the receivership of Villa Maria, the household wine label he founded.

DGL Group founder Simon Henry remains on the ‘‘NBR List’’ despite his recent derogatory comments about Kiwi chef Nadia Lim causing a backlash against his chemicals business.

NBR List editor Maria Slade said the publication "must stand" in its decision to keep Henry in the rankings because he had built a chemicals business that was worth more than $900 million and therefore was a "wealth creator".

Southland’s Richardson/ O’Donnell family is 42nd on the list with an estimated wealth of $450 million. HW Richardson Group employs more than 2500 staff in New Zealand and Australia across 48 business brands. Jocelyn (Joc) O’Donnell, the daughter of group founder Bill Richardson, and her husband, Scott, are both directors of the group which is owned by Joc, Scott, their son, Harrison O’Donnell, and Bill’s widow, Shona Richardson.

Outside of HWR, Scott is spearheading the $183 million redevelopment of Invercargill’s CBD, a joint venture between the O’Donnell/Richardson family and the Invercargill City Council.

Scott and Joc are also behind the construction of a $33 million dementia and elderly care facility modelled on the groundbreaking Dutch De Hogeweyk dementia care village which supports residents to use their remaining abilities.

Long-time NBR rich lister Michael Hill was in 59th place with estimated wealth of $300 million.

At 69th on the list, with wealth estimated at $280 million, Mainland Poultry’s Michael Guthrie retained a stake he the business he founded. Via his company Largo Group, Mr Guthrie was a 40% shareholder in Sir Ian Taylor’s Animation Research and was on the computer graphics firm’s board. Largo Group also held a 13% stake in Dunedin real-time tracking and communications platform TracPlus and was on the board.

His property interests include Wanaka lakefront properties, a South Auckland industrial site and downtown Dunedin commercial buildings, NBR said.

As one of the South Island’s largest tourism operators, the Skeggs family — which was 93rd on the list with estimated wealth of $175 million — suffered from Covid-19 impacts and the closed borders.

Since the pandemic began, the Skeggs Group and its joint venture partners had received more than $3 million in government wage subsidies for about 200 workers at various operations including Southern Discoveries, Milford Sound Lodge, Kawarau Jets, and the family’s Akarua wine company, now being sold to interests associated with France’s Rothschild family.

The Skeggs-controlled Port Denarau Marina in Fiji is also suffering from the Covid blues, reporting a $6.33 million loss in 2021 after a 53% drop in revenue and a drop in property values.

— The New Zealand Herald/Additional reporting Otago Daily Times

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