New breed of multi-millionaire emerging

Published: 6:31PM Friday July 30, 2010 Source: ONE News

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Innovative Kiwis in the technology sector are emerging as some of the wealthiest in the country.

This year's NBR rich list contains the usual suspects - Graeme Hart, Michael Hill and Steven Tindall - but people in the IT and hi-tech areas are starting to cash in.

While the familiar faces have common sources of wealth such as making their money through property and investments, this year's list shows a new breed of multi millionaires may be on the rise.

NBR Editor-in-Chief Nevil Gibson said changes in the rich list don't come easily but "the IT sector is showing a lot of form in this regard".

Trade Me's Sam Morgan took the top tech spot at 19th equal, with a fortune of $300 million; the founders of NZX-listed Rakon - the Robinson family - make 36th equal with $120 million; and at 52nd equal, Rod Drury - the co-founder of online accounting software firm Xero - is the newest tech rich lister with $50 million.

The rich list now names 14 people who made their money in the tech sector, but with the country's top 100 technology companies making some $6.6 billion in revenue last year, more names from the tech sector are expected to join the ranks of the super rich.

Some experts believe more tech businesspeople should be on the list already. Greg Shanahan from the Technology Investment Network said there are more out there than are evident in the report, but those who are successful are "flying beneath the radar and their wealth is harder to quantify".

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