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MoneyHub Publishes Comprehensive Guide To New Zealand Wage And Salary Distributions
MoneyHub, New Zealand's trusted resource for consumer-focused financial guidance, is excited to unveil its latest report: New Zealand Wage and Salary Distributions for Individuals – 2024 Data.
This guide, based on Figure.NZ's robust dataset, offers a detailed analysis of income bands for wage and salary earners, shedding light on key trends and insights into New Zealand's economic landscape.
The data, collected by Figure.NZ, is based on a 2% random sample of wage and salary earners and a 10% sample of IR3 filers. This sample has been scaled to represent the broader population, providing a reliable snapshot of income distributions. Importantly, the dataset focuses exclusively on individuals receiving wage or salary income and excludes payments like New Zealand Superannuation, taxable welfare benefits, and shareholder-employee salaries without PAYE deductions.
"While some may question the accuracy of a 2% sample, it's important to note that this method ensures reliable trends without compromising individual privacy. Data from 1 in 50 wage and salary earners offers a significant and representative insight into income distribution," says Christopher Walsh, MoneyHub Founder.
Key Insights from the Data
- 750 New Zealanders earned over $1 million annually, representing just 0.02% of wage and salary earners.
- Significant growth in the $100,001-$110,000 band, with earners increasing from 23,070 in 2009 to 115,440 in 2024—a nearly fivefold jump.
- The $110,001-$120,000 band rose sharply, with 85,550 earners in 2024, up from 16,810 in 2009.
Who Is Included in the Data?
The dataset specifically focuses on wage and salary earners, excluding groups such as:
- New Zealand Superannuation recipients
- Beneficiaries of taxable welfare benefits
- Shareholder-employee salaries without PAYE deductions
- Student allowance recipients
This ensures a clear and undistorted view of wage and salary trends.
Christopher Walsh's Perspective
"This guide offers a clear snapshot of how New Zealanders earn for the tax year ended 31 March 2024, but it also highlights the gaps in our understanding of industries or roles driving the top income brackets. While it's not the IRD's role to collect such granular data, this leaves a gap for Kiwis looking to strategically advance their careers."
"The standout statistic is the 750 individuals earning over $1 million annually. This figure is inspiring, but it's a reminder that building wealth requires consistent effort, deliberate action, and sometimes a little luck. If you're not where you want to be, this data is a great starting point for reflecting on your trajectory and making changes where needed."
The full guide, including a detailed breakdown of income bands, trends, and advice for New Zealanders, is available now. Visit MoneyHub to explore the insights.
About MoneyHub
MoneyHub is New Zealand's go-to platform for clear, actionable, and trustworthy financial guidance. From salary insights to insurance, investments, mortgages and retirement planning, MoneyHub empowers New Zealand to make informed decisions for a secure financial future.
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