The rich are getting richer faster in New Zealand than in any other developed country. This is happening at your expense.
The top 1% of households have 18% of the country’s total wealth. This percentage is steadily increasing and compares to 13% in Australia. The bottom 40% of households have 3% of the wealth.
The top 1% of individuals have 22% of the wealth and 5% have 45% of the wealth. In 2010 the top 10% of individuals had 54% of the wealth but this increased to 59% in 2015.
This situation has arisen because in the three years between elections, the wealthy and organisations representing businesses and farmers use their money, influence and lobbying power to get politicians to make the decisions they want. These decisions usually adversely affect the average citizen who ends up paying higher taxes and higher prices. At the same time, the Government services they require are reduced. As a result there is a steadily growing gap between the rich and the rest of the community.
In recent years politicians have ignored the independent advice they have received from The Treasury and other Government Departments and have by various means channelled huge amounts of money into the hands of businesses and other vested interests.
Politicians are happy for this situation to continue because most people are not aware of what is going on and the rich give them money for their election campaigns and help them in various other ways. The rich will get richer and you and the rest of the community will find it increasingly difficult to make ends meet unless action is taken by everyone to change the situation. This could include complaining through social media, letters to newspapers and by other creative means.
For further information about increasing inequality in New Zealand, visit www.inequality.org.nz