Wellington: New Zealand's median household net worth increased by 33 percent to 529,000 NZ dollars (305,088 U.S. dollars) over the three years ending June 2024, primarily driven by a surge in real estate values, as reported by Stats NZ on Friday.

According to Namibia Press Agency, owner-occupied dwellings and other real estate made up 48 percent of total household assets in the year ending June 2024, compared to 43 percent in June 2021. The statement from the statistics department highlighted this significant role of real estate in the increase of household wealth.

The wealthiest 20 percent of households experienced a 24 percent rise in median net worth, reaching 2.4 million NZ dollars (1.38 million U.S. dollars) during the same period. Financial assets, including pension funds, shares, and investment funds, were predominant in the wealth holdings among the top 20 percent of households. In contrast, other households primarily held non-financial assets, such as real estate and durable goods.

Despite these gains, wealth distribution has remained largely unchanged since June 2015. The top 20 percent of households continue to hold about two-thirds of New Zealand's total household net worth, with the top 10 percent accounting for 49 percent, a slight decrease from 53 percent in June 2015.

"This reflects an uneven distribution of wealth in the country," stated Stats NZ household financial statistics spokesperson Chris Pooch.