Every now and then I like to go to Statistics NZ to see what data has been released. Recently I found out that they had released some statistics about household net worth statistics, and income and housing costs for 2018.
Here’s a summary of what I found;
- The median net worth of New Zealand households was $340,000 in 2018, up from $298,000 in 2015
- The top 20% of households hold about 70% of the total net worth
- Real estate accounted for 40% of the net worth held by New Zealand households
- The individual net worth of New Zealanders increased with age. Young people (15–24 years) had the lowest mean individual net worth of $7,000 and the baby boomers (65+) had the highest at $770,000. (median value $2000 for young people and $416,000 for baby boomers)
- Average annual household income sits at $105,719
- Average annual personal income sits at $51,527
Let’s look at some graphs
Average Annual Income by Income Source
The average annual household income graph shows that the majority of household income is earned through income from salaries or self-employment. Investment income is below all other income streams including superannuation and government benefits.
Distribution of Household by New Worth Band
The distribution of household net worth shows that around 25% of households have a net worth between $0-100k. A scary stat is that 6% of households have a negative net worth.
Average Weekly Income by Age
The average weekly income curve peaks when people are between 45 to 49 years at an average weekly income of $1260
Average Household Income by Region
The average income by regions shows a trend of regions with large cities tend to have higher average incomes compared to regions with smaller regional cities. This is not too surprising.
The map form is below.
- Highest Average Household Income: Auckland ($117,208)
- Lowest Average Household Income: Southland ($77,896)
Median Weekly Household Income by Region
If you want to have a closer look, here is the link to the spreadsheet. Household net worth statistics: Year ended June 2018