1 00:00:00,520 --> 00:00:01,680 Speaker 1: Heather Duke for Cela. 2 00:00:01,920 --> 00:00:04,880 Speaker 2: So this year's rich list, the Mobra family have dethroned 3 00:00:05,000 --> 00:00:07,360 Speaker 2: Gavin Hart Graham Heart brother and been so I've already 4 00:00:07,400 --> 00:00:10,440 Speaker 2: forgotten who he is yesterday's man, Graham Heart. It's been 5 00:00:10,480 --> 00:00:12,880 Speaker 2: named at the top of the NBR Rich list. Now Zuru, 6 00:00:12,920 --> 00:00:14,800 Speaker 2: as you know, are owned as owned by the brothers 7 00:00:14,800 --> 00:00:17,640 Speaker 2: Matt and Nick Mobra and the NBR Reckons. The estimated 8 00:00:17,680 --> 00:00:20,400 Speaker 2: worth has reached twenty billion dollars. Graham Heart is now 9 00:00:20,400 --> 00:00:23,000 Speaker 2: a distant second. He's got an estimated worth of twelve 10 00:00:23,079 --> 00:00:25,119 Speaker 2: point one billion dollars and the collective wealth of this 11 00:00:25,200 --> 00:00:28,240 Speaker 2: year's list has been put at ninety five zero point 12 00:00:28,360 --> 00:00:30,760 Speaker 2: sixty eight billion, which is up twenty seven percent from 13 00:00:30,840 --> 00:00:34,080 Speaker 2: last year. Hamish McNichol is the NBA's co editor with 14 00:00:34,159 --> 00:00:35,080 Speaker 2: us Now Hamish. 15 00:00:34,760 --> 00:00:37,640 Speaker 1: Hello, hey ever, how are you very well? 16 00:00:37,640 --> 00:00:40,600 Speaker 2: Thank you? How have the Zuru boys managed to get 17 00:00:40,640 --> 00:00:41,800 Speaker 2: this rich so fast? 18 00:00:43,159 --> 00:00:45,720 Speaker 1: Yeah, it's an astonishing story and it's unlike anything I've 19 00:00:45,920 --> 00:00:49,000 Speaker 1: seen before in business, particularly when you also consider that 20 00:00:49,520 --> 00:00:52,000 Speaker 1: they don't have any external bank debt, They've never taken 21 00:00:52,000 --> 00:00:54,080 Speaker 1: a loan from the bank, and they've never raised any 22 00:00:54,120 --> 00:00:57,240 Speaker 1: external capital either. They've just the whole time, they've just 23 00:00:57,320 --> 00:01:00,000 Speaker 1: any profit they've made, they've reinvested it back in the business, 24 00:01:00,200 --> 00:01:02,680 Speaker 1: and they've managed to make this just an incredible machine 25 00:01:02,720 --> 00:01:03,760 Speaker 1: that's tuning out money. 26 00:01:04,000 --> 00:01:06,080 Speaker 2: Somebody was saying to me that they've got an ambition 27 00:01:06,280 --> 00:01:09,200 Speaker 2: like something crazy, like being the next Microsoft of that. 28 00:01:09,240 --> 00:01:10,520 Speaker 2: Are they talking about that publicly? 29 00:01:11,520 --> 00:01:14,800 Speaker 1: Yeah, Nick is quite open about wanting to be the 30 00:01:14,840 --> 00:01:18,880 Speaker 1: next Tesler Google Apple. So we have them at three 31 00:01:18,880 --> 00:01:21,800 Speaker 1: billion dollars revenue this year as a group, and Nick 32 00:01:21,920 --> 00:01:24,080 Speaker 1: was telling us in an interview the other week that 33 00:01:24,200 --> 00:01:26,160 Speaker 1: he wants to hit ten billion revenue in the next 34 00:01:26,200 --> 00:01:28,360 Speaker 1: five years. That's so a long way off some of 35 00:01:28,400 --> 00:01:31,280 Speaker 1: those companies, but you know, given how quickly they've grown 36 00:01:31,360 --> 00:01:33,720 Speaker 1: and how big they are already, you can it's hard 37 00:01:33,720 --> 00:01:34,759 Speaker 1: to bet against them at the moment. 38 00:01:35,319 --> 00:01:37,800 Speaker 2: When you heard him say to you that the revenue 39 00:01:37,840 --> 00:01:39,600 Speaker 2: was going to be three billion a year, did that 40 00:01:39,680 --> 00:01:42,240 Speaker 2: shock you because you guys only had their value at three. 41 00:01:42,080 --> 00:01:46,600 Speaker 1: Billion, Yeah, it did. We. I mean, they're a privately 42 00:01:46,600 --> 00:01:49,960 Speaker 1: hard company that we've never really got the sort of 43 00:01:50,000 --> 00:01:52,760 Speaker 1: insight that Nick gave us the other week in that 44 00:01:52,840 --> 00:01:55,440 Speaker 1: interview he did with us. I think they're at a 45 00:01:55,480 --> 00:01:58,280 Speaker 1: point now where you know, most people know them as 46 00:01:58,320 --> 00:02:00,280 Speaker 1: the toy company and that's a two billion or a 47 00:02:00,360 --> 00:02:03,880 Speaker 1: year business now. But they've also expanded and expanding into 48 00:02:03,920 --> 00:02:07,240 Speaker 1: these other areas. So they've got the consumer products company, 49 00:02:07,240 --> 00:02:10,400 Speaker 1: which is things like Rascals, nappies. They're making billions of 50 00:02:10,480 --> 00:02:13,600 Speaker 1: nappies a year, Monday, hair care products like that. So 51 00:02:13,639 --> 00:02:16,000 Speaker 1: that is now recording a billion dollars of revenue in 52 00:02:16,040 --> 00:02:18,680 Speaker 1: a year, and in just six years it's grown to 53 00:02:18,720 --> 00:02:22,600 Speaker 1: that size. And now they're taking on automating the construction 54 00:02:22,680 --> 00:02:26,400 Speaker 1: of property. They've bought a twenty five acre factory in China. 55 00:02:26,800 --> 00:02:29,240 Speaker 1: They're starting to build test houses. The first ones of 56 00:02:29,240 --> 00:02:31,480 Speaker 1: those should be up end of this year early next year. 57 00:02:32,080 --> 00:02:34,400 Speaker 1: And you know, if they tackle housing and can do 58 00:02:34,440 --> 00:02:37,560 Speaker 1: it cheaper and more affordably across the world than who know, 59 00:02:37,600 --> 00:02:38,520 Speaker 1: it's how big they can get. 60 00:02:38,680 --> 00:02:39,760 Speaker 2: Are they just really clever? 61 00:02:41,520 --> 00:02:43,680 Speaker 1: I think they're really clever. I think they are really 62 00:02:43,800 --> 00:02:46,960 Speaker 1: driven and ambitious, and they're the sort of people who 63 00:02:47,880 --> 00:02:50,880 Speaker 1: don't take no, you know, happy to happy to figure 64 00:02:50,919 --> 00:02:53,160 Speaker 1: out how to do things their own way. I mean 65 00:02:53,560 --> 00:02:56,320 Speaker 1: the way Nick talks about the processes that they've built, 66 00:02:56,919 --> 00:02:59,440 Speaker 1: every single component in the factories that they have has 67 00:02:59,480 --> 00:03:03,440 Speaker 1: been built in house. They just are so precise on 68 00:03:03,520 --> 00:03:06,440 Speaker 1: everything and how they put everything together. And I think 69 00:03:06,480 --> 00:03:09,800 Speaker 1: that level of attention to detail and care just goes 70 00:03:09,840 --> 00:03:12,760 Speaker 1: to show how they've got to where they are now. 71 00:03:12,880 --> 00:03:14,799 Speaker 2: Some of the businesses that you have had looked at 72 00:03:14,840 --> 00:03:16,840 Speaker 2: look at on this rich list thinking about how to 73 00:03:16,840 --> 00:03:19,840 Speaker 2: transfer their wealth to the next generation. Is there necessarily 74 00:03:19,880 --> 00:03:21,120 Speaker 2: a next generation there? 75 00:03:22,840 --> 00:03:25,600 Speaker 1: Yeah, and a lot of the family So we have 76 00:03:25,639 --> 00:03:29,320 Speaker 1: one hundred and nine people profiled on the list this year, 77 00:03:29,360 --> 00:03:31,919 Speaker 1: and more than half of them are classified as families 78 00:03:32,000 --> 00:03:34,720 Speaker 1: rather than just individuals. And a lot of those families 79 00:03:34,760 --> 00:03:36,840 Speaker 1: have been there for a long time and they're sort 80 00:03:36,840 --> 00:03:40,240 Speaker 1: of onto their third or fourth generation of ownership within 81 00:03:40,280 --> 00:03:42,920 Speaker 1: the family of the family business. But then they've also 82 00:03:42,960 --> 00:03:46,200 Speaker 1: got other examples su Mark de Naichek and his partner 83 00:03:46,280 --> 00:03:49,240 Speaker 1: Dorothy Spots with down Wellington. They're donating all of their fortune, 84 00:03:49,240 --> 00:03:51,040 Speaker 1: which we submit to be about four hundred and fifty 85 00:03:51,080 --> 00:03:54,400 Speaker 1: million dollars to the Nico Foundation in Wellington to giveaway. 86 00:03:54,840 --> 00:03:58,200 Speaker 1: You've got Sukutaki family who we've made newcomers this year. 87 00:03:58,240 --> 00:04:01,360 Speaker 1: They came over from Japan about fifty years ago. They've 88 00:04:01,400 --> 00:04:05,080 Speaker 1: got their still investment vehicle which has an ambition to 89 00:04:05,120 --> 00:04:07,200 Speaker 1: invest in one hundred New Zealand companies over the next 90 00:04:07,240 --> 00:04:10,320 Speaker 1: ten to twenty years. And all of those companies and 91 00:04:10,360 --> 00:04:12,520 Speaker 1: ideas that they want to invest in are all about 92 00:04:12,560 --> 00:04:15,080 Speaker 1: one hundred year timeframes and horizons as well. So this 93 00:04:15,160 --> 00:04:18,800 Speaker 1: is thinking regardless of government, regardless of policies, all sorts 94 00:04:18,800 --> 00:04:21,120 Speaker 1: of stuff. What sort of ideas, what sort of businesses 95 00:04:21,160 --> 00:04:23,960 Speaker 1: can we back that will have intergenerational effects? 96 00:04:24,320 --> 00:04:26,159 Speaker 2: Interesting stuff? And will there be an impact do you 97 00:04:26,200 --> 00:04:29,120 Speaker 2: think on I don't know, the property market, things like that. 98 00:04:29,200 --> 00:04:30,800 Speaker 2: As this money passes from generation to. 99 00:04:30,800 --> 00:04:34,599 Speaker 1: Generation, well that's the big thing, and that's what everyone 100 00:04:34,680 --> 00:04:37,120 Speaker 1: is thinking about globally as well. It's estimated that there's 101 00:04:37,279 --> 00:04:40,280 Speaker 1: US ninety trillion dollars of assets to pass down from 102 00:04:40,320 --> 00:04:42,760 Speaker 1: the baby boomer generation to the next generation over the 103 00:04:42,839 --> 00:04:45,640 Speaker 1: next ten to twenty years. And you know, if you 104 00:04:45,720 --> 00:04:49,120 Speaker 1: are below the Baby boom generation or even younger than that, 105 00:04:49,240 --> 00:04:52,520 Speaker 1: and then your parents or your grandparents have built up 106 00:04:52,520 --> 00:04:54,599 Speaker 1: all this wealth and they suddenly hand it to you, 107 00:04:55,279 --> 00:04:56,240 Speaker 1: what are you going to do with it? Are you 108 00:04:56,240 --> 00:04:57,839 Speaker 1: going to put it into property? Are you going to 109 00:04:57,839 --> 00:05:00,760 Speaker 1: stop working? Are you going to invest it. This sort 110 00:05:00,760 --> 00:05:02,800 Speaker 1: of creates all sorts of questions about how people are 111 00:05:02,800 --> 00:05:04,200 Speaker 1: going to handle this and what it means for the 112 00:05:04,240 --> 00:05:06,080 Speaker 1: future of work and property and things like that. 113 00:05:06,320 --> 00:05:08,760 Speaker 2: Yeah, very interesting, Hamish, thank you for your time, appreciating 114 00:05:08,800 --> 00:05:11,679 Speaker 2: well done on the list. That's Hamish McNicol, MBR co editor. 115 00:05:12,600 --> 00:05:15,760 Speaker 1: For more from Hither Duplessy Allen Drive, listen live to 116 00:05:15,880 --> 00:05:18,919 Speaker 1: news talks. It'd be from four pm weekdays, or follow 117 00:05:18,920 --> 00:05:20,720 Speaker 1: the podcast on iHeartRadio.