Household net worth climbs 33% as property drives gains

New Zealand households are wealthier on paper, but Stats NZ says the distribution of wealth remains largely unchanged – a trend that carries implications for mortgage advisers.

Median net worth rises 33%

Stats NZ reported that in the year ended June 2024, the median net worth of New Zealand households reached $529,000, up 33% from $399,000 in 2021.

The increase was mainly driven by property values. Owner-occupied dwellings and other real estate made up 48% of household assets in 2024, compared with 43% in 2021.

Uneven wealth distribution

Despite rising household wealth, distribution patterns remain unchanged.

“In the year ended June 2024, the wealthiest 20 percent of households held approximately two-thirds of New Zealand’s total household net worth,” Stats NZ spokesperson Chris Pooch said in a media release. “This reflects an uneven distribution of wealth in the country.

“There has been little change in the distribution of wealth in New Zealand since we began collecting net-worth data in the Household Economic Survey in June 2015.”

While the wealthiest 10% of households held 49% of all net worth in 2024, this was only slightly down from 53% in 2015.

Gains across income brackets

Wealth increases varied by household quintile. The wealthiest 20% (quintile 5) saw median net worth climb 24% to $2.4m.

Meanwhile, the median net worth of households in quintiles 3 and 4 increased by around 40%, with median net worth reaching $500,000 and $1m respectively. There was no statistically significant change in the lowest two quintiles.

The report also highlighted differences in asset allocation: the wealthiest households hold most of their wealth in financial assets such as shares and pension funds, while others rely more heavily on property and durable goods.

Impact of inheritances and gifts

For the first time, the Household Economic Survey measured inheritances and gifts.

“An inheritance is something received, such as money or an asset, after someone passes away,” Pooch said. “A gift is something given freely by someone outside of the household, which does not need to be given or paid back.”

Households that had received an inheritance reported a median net worth of $984,000 – almost double the national median. One-third of households reported receiving an inheritance of some kind.

By contrast, the median net worth of households that received a gift of $5,000 or more in the last 10 years was $528,000, in line with the national figure. Households expecting to receive an inheritance or gift in future had higher net worth than average, at $855,000.

What this means for mortgage advisers

For advisers, the report underscores two key themes:

• Property remains central to wealth: the 33% rise in median household net worth was largely property-driven, reinforcing the role of lending in long-term financial security.

• Intergenerational wealth is shaping access: with households that received inheritances almost doubling national median wealth, advisers are likely to encounter more clients relying on family support for deposits, requiring careful structuring and compliance around gifted funds.

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