According to Stats NZ, New Zealand households increased their wealth by an average of 33 percent between June 2021 and June 2024. Foodbank in Invercargill, December 2024 [Photo: Facebook/Harcourts Invercargill]The wealthiest 20 percent of households, meanwhile, increased their wealth by 19 percent, or $386,000, to a median $2.4 million. Wealth is highly concentrated in the hands of the richest 1 percent—about 40,000 people—who control 17.5 percent of the country’s wealth, down slightly from 19.9 percent in 2021. The official statistics, however, understate the concentration of wealth because Stats NZ’s surveys do not count the very richest. The Labour Party and the Public Service Association, the largest union, are also supporting the government’s decision to double military spending to prepare New Zealand to join US-led wars, above all against China.