NZ egalitarianism ditched, poverty entrenched and mega wealth thrives
When I was a child in the 1960s I didn't have an awareness of inequality. There was no evidence of rough sleeping, all children brought lunches to school and whether you were a freezing worker, a teacher or even an MP, incomes didn't seem to vary that much. 60 years ago an MP would earn about the same as a teacher, plus expenses. The unemployment rate then was under 1%. There were no records regarding the individual wealth of New Zealanders until the first NBR Rich List in 1986. John Spencer topped the list then with his total wealth of $675 million, inflation adjusted it would be the equivalent of about $1.9 billion. Today there are 18 individuals and families with wealth over $1 billion and the wealthiest have over $20 billion. In 40 years real wealth at the top has increased around 10 times. Sixty years ago the top statutory personal income tax rate was 67.5%, it is now 39%. The IRD found that the very richest in NZ only pay around 8-9% on their net income, due to untaxed...