Biggest drop in household wealth in decade

[MotherBear]

Biggest drop in household wealth in decade - report
10:56AM Friday July 11, 2008

Household wealth over the past few months has fallen by the largest amount in nearly 10 years, says new research from financial advisers Spicers.

The report, released this morning, shows household net worth fell 1.2 per cent or $5,900 in the March quarter.

On an annual basis, net worth rose 2 per cent for the 12 months to the end of March down from the 6.9 per cent growth recorded in its December 2007 report.

Bevan Graham, economic adviser to Spicers, says this outcome needs to be taken in context with the longer term picture.

"Most New Zealand households have experienced strong gains in net worth in recent years."

"The average net worth of each New Zealand household now sits at $369,249, a 95 per cent increase on ten years ago when the net worth per household was $189,765."

More here.