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NZ wealth growth slowing

New Zealand now has about 7000 millionaire households, but the country's rapid growth in personal wealth went into reverse last year.

The Boston Consulting Group's eighth annual Global Wealth Report says the personal wealth in New Zealand has become more concentrated.

The number of millionaire households—those with at least $US1 million in assets under management—increased by 6 per cent from 6600 to 7000 in 2007, despite an overall reduction in personal wealth.

Millionaire households accounted for only 0.5 per cent of all households in New Zealand, compared with 2.4 per cent in Australia.

The study also showed that the personal wealth of New Zealanders (measured in local currency) decreased by 4.8 per cent in 2007.

The leader of BCG's financial services in Australia and New Zealand, Matthew Rogozinski, said the changing fortune of New Zealand investors reflected a weakening economy and declining share prices.

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