NBR lists richest Kiwis

The NBR has charted New Zealand’s leading wealth creators, which includes a number of people who have connections to the motor-vehicle industry.

It is the second year the publication has created a top 100 of Kiwi individuals and families who are “building enterprises, growing the country’s fortunes, creating jobs, and giving back”.

The NBR List replaces the previous rich list, which was last published in 2019, with the Covid-19 pandemic leading to a rethink of how to celebrate wealth in this country.

Below are summaries of those on the 2022 list with links to the automotive industry, including new entrant Bruce Miles, pictured:

Todd family – $4.3 billion (2021: $4.3b)

The origins of the Todd Corporation go back to the family’s first commercial venture in 1884 – a fellmongery and wool scour in Otago.

Over the generations it has been involved with the automotive sector and Todd Motor Industries was a major player assembling and selling cars before being sold to Mitsubishi in 1987.

However, the family’s biggest impact has been in the energy sector. Todd Energy holds interests in producing fields that account for about 60 per cent of New Zealand’s annual hydrocarbon production, as well as being one of the country’s leading energy producers through Todd Generation.

The corporation is also involved in solar energy through its brand, Sunergise, which opened New Zealand’s largest grid-connected solar power plant at Kapuni in South Taranaki. 

Todd Corporation’s shareholder list consists of 45 separate entries representing potentially hundreds of family beneficiaries.

Farmer family – $900 million (2021: $750m)

Trevor Farmer, 87, is the patriarch of the family and much of the veteran investor’s holding companies control large amounts of urban and rural property.  

The families two main investment vehicles are Tappenden Holdings and ironwood Trustee Ltd..

The Tappenden name is associated with Farmer’s long-term business partner Alan Gibbs, whose fortune was founded on his acquisition of car dealership Tappenden Motors with partners Charles Bidwill, John Fernyhough, and Warren Paine.  

Farmer and Gibbs also bought out then-listed Freightways through Tappenden Holdings in 1985, before selling it on in 1997.  

Alan Gibbs – $760 million (2021: $650m)

Entrepreneur and investor Alan Gibbs is now 82 and has relinquished control of his assets to his daughters Amanda and Emma, and their husbands.

He dedicated more than two decades to the development of high-speed amphibious vehicles but the family’s focus is now on the 720-hectare Gibbs Farm bordering the Kaipara Harbour.. 

His free-market views were forged in the 1960s by a four-year struggle to build a New Zealand car-manufacturing business with his brother Ian.  

Bureaucratic roadblocks foiled those efforts and he moved into investment banking. Deals that helped fuel his fortune, include the acquisition of car dealership Tappenden Motors, the management buyout of Freightways with business partner Trevor Farmer, and the privatisation of Telecom in the 1990s, again with Farmer.  

Sam Morgan – $650 million (2021: $580m)

Sam Morgan, who founded Trade Me in 1999, has ploughed his money into three main areas: property, future-forward companies and charitable causes.

He made an instant fortune after selling Trade Me to Fairfax in 2006 for more than $700m.

He initially went on to invest in software company Xero and through his investment vehicles – Jasmine Investment Holdings and Jasmine Fleet Holdings – has interests in other companies across a diverse range of industries.

Sir Colin Giltrap – $450 million (2021: $440m)

Sir Colin Giltrap owns 67 per cent of the Giltrap Group and remains its executive director, while sons Michael and Richard manage operations. 

The company imports and sells 18 of the world’s top automotive brands at 18 dealerships across the country.

Giltrap co-founded his first car dealership, Hamilton-based Monaco Motors, in 1966 before expanding his interests over the next few decades.  

At one point, his motor-vehicle empire spanned three countries and he held a stake in one of the UK’s leading luxury motor dealers – HR Owen. 

He is also a keen supporter of motor racing after having been a competitive driver himself and has helped the careers of many Kiwis, including six-time IndyCar champion Scott Dixon.

John Copson – $375 million (2021: $375m)

John Copson started out in financial insurance as an underwriter before founding Autosure in 1986. The company quickly became a household name serving 650 car dealerships with credit insurance, mechanical warranties and breakdown insurance.  

In 2004, Vero bought Autosure for $68m and Copson used the proceeds to set up a new finance venture called WestStar Capital.

He also established the Crown Asia Pacific Group, which became the main investment vehicle for a growing property portfolio that was initially focused on redeveloping car yards in strategic locations.
Copson joined forces with former colleague Steve Owens in 2013 to launch Provident Insurance, but left the business in 2021. 

Drinkrow Family – $320 million (2021: $310m)

The Kaipara Ltd business founded by motor-racing enthusiast Allan Drinkrow coversspans civil engineering, quarries, and property development. It is now run by his stepson Simon Male.  

Drinkrow has a collection of vintage race cars, which includes a 1959 Cooper Climax T51 driven by motoring legends Sir Jack Brabham and Bruce McLaren, displayed in The Pine Harbour Motorsport Museum.

Bruce Miles - $170 million (new entry)

A Christchurch car dealer and founder of the Miles Motor Group, Bruce Miles employs more than 350 people at 11 dealerships in Timaru, Christchurch, Tauranga and Auckland.

He is also a property investor and the group sponsors a variety of sporting events, individuals and organisations.

Miles is a keen motorsport enthusiast and drives a BMW 320i in New Zealand’s Historic Touring Car Series.

Grant Baker – $130 million (2021: $125m)

Interests associated with Grant Baker, chairman of Turners Automotive Group, have increased their shareholding in the used-car retailer and financier to 7.54 per cent over the past year or so.

His other business involvements include The Home Bakery, a property fund that develops, renovates and rents residential property, and being chairman of a diet supplement and skincare company, Me Today.

Baker is also an avid collector of Ferraris and is waiting on the delivery of a new 812 Competizione, which will be one of only 312 convertible versions produced and cost at least $1.05m. 

To check out NBR’s entire rich list, click here.