This is edition 2026/107 of the Ten@10 newsletter.
Hi all,
This is the Ten@10, where I collate and summarise ten news items you generally won't see in the mainstream media.
Enjoy!
1. The $129 billion political class
Bryce Edwards
- 🧭 The NBR Rich List is framed as more than a wealth ranking, functioning as a “map of power” showing how financial elites carry significant political and economic influence.
- 💰 Total wealth of the 150 richest New Zealanders has surged to about $129b, with billionaires increasing from 18 to 26 and the top ten holding around $64b collectively.
- 🏛️ The list is used to illustrate how concentrated wealth can translate into political influence through funding parties, lobbying, shaping regulation, and supporting think tanks.
- 🏚️ The traditional New Zealand “Establishment” of landowners, banks, law firms, and old family dynasties still exists but is now supplemented by new tech and global capital players.
- 🚀 New entrants reflect a shift toward technology, including founders of companies like Halter, Supabase, Wayve, Nuro, Partly, AS Colour, and Substack-related ventures.
- 📈 Over 40 years, wealth on the list has expanded from $5.3b (55 individuals and 12 families) to $129b (many more individuals, families, and duos), reflecting major economic transformation.
- ⚖️ The rise in wealth is linked to neoliberal reforms, deregulation, privatisation, and property inflation, which boosted asset wealth faster than wages and public services.
- 🗳️ Political responses diverge: the Greens see inequality and advocate structural tax reform, National rejects wealth taxes, and Labour acknowledges imbalance but avoids tax solutions.
- 🌍 Tech billionaires like Peter Beck are highlighted as more dynamic wealth creators, but their industries still depend heavily on public systems like education, regulation, and R&D support.
- ⚠️ The piece warns that even “new economy” wealth in tech still translates into political influence, and New Zealand lacks adequate transparency systems to manage this evolving power structure.
