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Type: Journal article
Title: How did the wealthiest New Zealanders get so rich?
Author: Hazeldine, T.
Siegfried, J.
Citation: New Zealand Economic Papers, 1997; 31(1):35-47
Publisher: Taylor and Francis
Issue Date: 1997
ISSN: 0077-9954
Statement of
Tim Hazledine and John Siegfried
Abstract: It has been found that, in Australia, the United States and Great Britain, about two‐thirds of large personal fortunes originated in industries which economists would judge to be “competitive “, in the sense that entry and exit is easy so that marginal firms are not expected to earn above‐normal profits. The possible explanations for this striking phenomenon are (a) returns to risk, (b) disequilibrium, and (c) inframarginal rents. This paper replicates the earlier analyses for New Zealand, using fortunes identified on the National Business Review's annual “Rich List” as the basis for the database. Seventy‐nine per cent of New Zealand fortunes originated in industries judged to be competitive. The rate of new fortune accumulation has been steady since the Second World War. The most likely sectors for fortunes to appear in are manufacturing, and the “deal‐making” industries (merchant banking, brokerage, insurance, real estate and property development). Nearly three‐quarters of the fortunes were self‐made. The proportion earned by first‐generation immigrants just about exactly matches the proportion of such people in the general population (unlike the case in Australia).
Description: Published online: 10 Nov 2009
Rights: © 1997 New Zealand Association of Economics
DOI: 10.1080/00779959709544264
Appears in Collections:Aurora harvest 6
Economics publications

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