Rich getting richer?

The NZ Herald has the headline that the rich are getting richer. In one sense this is true. The top 10% of NZers represent 52% of NZ’s personal wealth, up from 48% in 2001.

However this does not mean the same 10% are wealthier. It measures the top 10%, no matter who they are. And there is significant movement of people over time in terms of wealth. In fact age is a huge factor, as the median net worth of those aged 15 – 24 is $2,400 and those aged 55 to 64 is $170,000.

And I would say, that is not a bad thing. Of course those near retirement should be more wealthy than those just entering the workforce.