What is Graeme Hart’s Net Worth?
Graeme Hart, New Zealand’s wealthiest individual, has an estimated net worth of US$10.13 billion. Hart’s wealth primarily stems from his ownership of Rank Group, a private investment company that has made numerous acquisitions in the packaging industry.
His business strategy typically involves purchasing underperforming and undervalued companies with steady cash flows, which he then restructures and improves through better cash management and cost-cutting measures. This approach has proven highly successful, allowing Hart to build a vast empire in the global packaging sector.
Here’s the breakdown of Graeme Hart’s net worth:
Name: | Graeme Hart |
Net Worth: | $10.13 Billion |
Date of Birth: | June 6, 1955 |
Profession: | Businessperson |
If you’re curious about how we estimate a celebrity’s net worth, you can check out our methodology here.
Early Life
Graeme Hart was born on June 6, 1955, in Auckland, New Zealand, to humble beginnings. His father worked as a radiologist, and his mother was a nurse. Hart attended Mount Roskill Grammar School in Auckland but left formal education at the age of 16.
After leaving school, Hart took on various manual jobs to support himself and his family. He worked as a tow truck driver and panel beater, experiences that would later inform his business acumen and work ethic.
Despite his lack of formal education at this stage, Hart demonstrated an innate sense of commerce and a keen eye for opportunity, traits that would serve him well in his future business endeavors.
Career
In 1977, at the age of 22, Hart took his first step into the business world by starting Hart Printing and Office Supplies. While this venture provided a steady income, it didn’t satisfy Hart’s ambitious nature.
Recognizing the need for further education to achieve his goals, Hart returned to school and completed an MBA from the University of Otago in 1987. His MBA thesis outlined a strategy for growing a small party hire company into what would eventually become his investment vehicle, Rank Group Limited.
Hart’s career took a significant turn in 1990 when he purchased the Government Printing Office for less than its capital value, a deal that proved to be his big break. The following year, he acquired Whitcoulls Group, which included a chain of bookstores and office supply businesses.
Over the next few decades, Hart’s career was marked by a series of strategic acquisitions and investments. His business strategy typically involved purchasing underperforming and undervalued companies with steady cash flows, which he would then restructure and improve through better cash management and cost-cutting measures.
Hart’s focus shifted to the packaging industry in 2006 with the purchase of Carter Holt Harvey. His largest acquisition to date was Alcoa’s Packaging & Consumer group in 2008 for US$2.7 billion, which he renamed Reynolds Packaging Group.
Throughout his career, Hart has maintained a low profile, rarely giving interviews or making public appearances. His business acumen and strategic investments have led to his current status as New Zealand’s wealthiest individual, with a net worth estimated at US$10.13 billion as of June 2024.
Personal Life
Graeme Hart lives with his wife Robyn in a luxurious cliff-top mansion valued at approximately US$40 million, overlooking the Hauraki Gulf in Auckland, New Zealand. The Hart family is known to be close-knit, with his daughter living nearby.
Hart’s penchant for luxury extends beyond his primary residence. He owns multiple properties across New Zealand, including homes in Auckland, Queenstown, and Waiheke Island. His international real estate portfolio includes two properties in Aspen, Colorado, and an island in Fiji.
An avid yachtsman, Hart owns several luxury yachts, including a 107-meter vessel named “Ulysses” completed in 2016, and a newer 116-meter explorer yacht also named “Ulysses”. His love for yachts dates back to 1997 when he acquired his first yacht, also called Ulysses.
Despite his enormous wealth, Hart is known for valuing his privacy and maintaining a small circle of friends. He rarely makes public appearances or gives interviews, preferring to stay out of the media spotlight.
Politics
While Graeme Hart generally maintains a low public profile, he has been involved in political donations, particularly to right-wing parties in New Zealand. In recent years, his political contributions have garnered significant attention.
In the past two years, Hart has donated a total of NZ$700,000 to parties on the right of the political spectrum. Specifically, the National Party received NZ$400,000, the ACT Party NZ$200,000, and New Zealand First NZ$100,000. These donations were made both personally and through his company, Rank Group Limited.
Hart’s political donations have not been without controversy. In 2019, he was questioned by the Serious Fraud Office during an investigation into the New Zealand First Foundation. The investigation followed reports of donations just under the declarable limit made to the foundation after a meeting between Hart’s son-in-law and an NZ First MP.
More recently, in the 2022 Auckland mayoral election, Hart donated NZ$58,000 to Wayne Brown’s successful campaign. This contribution to local politics demonstrates Hart’s willingness to engage in political funding at various levels of government.
Hart’s political donations have sparked discussions about the influence of wealth in politics. Prime Minister Chris Hipkins commented on the matter, stating that parties on the right are “being supported by the big money end of town,” implying that wealthy individuals like Hart see their interests best protected by these parties.
Ashley Roberts is the founder of Real-Time Billionaires List. She founded this platform because she likes to know how much celebrities are actually making. She is always curious why these people can make much more money than the ordinary person.
With a Bachelor’s degree in finance, she is skilled at financial analysis and understands numbers related to wealth. Most of the articles on this site are edited by herself before publishing.
