Household net worth fell $33.5 billion (1.5 percent) in the June 2023 quarter, following falls in the previous five quarters, according to Stats NZ figures released today.
Household net worth has fallen by $255.2 billion over the last six quarters, following a period of growth up to the December 2021 quarter.
Net worth is the value of all assets owned by households less the value of all their liabilities.
| Quarter | Change in net worth |
| Jun-16 | |
| Sep-16 | 54099000000 |
| Dec-16 | 26535000000 |
| Mar-17 | 9103000000 |
| Jun-17 | 37321000000 |
| Sep-17 | 31566000000 |
| Dec-17 | 34651000000 |
| Mar-18 | 14339000000 |
| Jun-18 | 7839000000 |
| Sep-18 | 35594000000 |
| Dec-18 | 10173000000 |
| Mar-19 | 21136000000 |
| Jun-19 | -11269000000 |
| Sep-19 | 24651000000 |
| Dec-19 | 37680000000 |
| Mar-20 | 28729000000 |
| Jun-20 | 31042000000 |
| Sep-20 | 81209000000 |
| Dec-20 | 123812000000 |
| Mar-21 | 118902000000 |
| Jun-21 | 77971000000 |
| Sep-21 | 98595000000 |
| Dec-21 | 94838000000 |
| Mar-22 | -50196000000 |
| Jun-22 | -79440000000 |
| Sep-22 | -49102000000 |
| Dec-22 | -13137000000 |
| Mar-23 | -29841000000 |
| Jun-23 | -33494000000 |
| Quarter | Net worth |
| Jun-16 | 1444214000000 |
| Sep-16 | 1498313000000 |
| Dec-16 | 1524848000000 |
| Mar-17 | 1533951000000 |
| Jun-17 | 1571272000000 |
| Sep-17 | 1602838000000 |
| Dec-17 | 1637489000000 |
| Mar-18 | 1651828000000 |
| Jun-18 | 1659667000000 |
| Sep-18 | 1695261000000 |
| Dec-18 | 1705434000000 |
| Mar-19 | 1726570000000 |
| Jun-19 | 1715301000000 |
| Sep-19 | 1739952000000 |
| Dec-19 | 1777632000000 |
| Mar-20 | 1806361000000 |
| Jun-20 | 1837403000000 |
| Sep-20 | 1918612000000 |
| Dec-20 | 2042424000000 |
| Mar-21 | 2161326000000 |
| Jun-21 | 2239297000000 |
| Sep-21 | 2337892000000 |
| Dec-21 | 2432730000000 |
| Mar-22 | 2382534000000 |
| Jun-22 | 2303094000000 |
| Sep-22 | 2253992000000 |
| Dec-22 | 2240855000000 |
| Mar-23 | 2211014000000 |
| Jun-23 | 2177520000000 |
"This quarter's decrease in household net worth was mainly due to the continuing fall in equity and investment fund shares and value of owner-occupied property," national accounts institutional sectors senior manager Paul Pascoe said. Decreased property values have led the falls in household net worth since the September 2022 quarter.
Equity and investment fund shares fell by $19.9 billion or 2.2 percent in this quarter. Equity includes the ownership of rental properties, which has also been impacted by falling property values.
The fall in equity and investment fund shares was partly offset by a $3.3 billion rise in currency and deposits, and a $2.6 billion increase in insurance and pensions. Insurance and pensions increased due to higher pension entitlements and decreasing outstanding insurance claims, mainly from Cyclone Gabrielle and Auckland Anniversary flood payouts.
A rise in household loans of $2.5 billion also contributed to the decline in household net worth.
