Business may be subdued in New Zealand but life just gets better and better for international jewellery chain founder Michael Hill.

The 69-year-old joins an elite alumni of past winners to be named Ernst & Young Entrepreneur Of The Year.

Mr Hill was selected from a field of five entrepreneurs who were all named category winners last month. Mr Hill was the winner of the Master Entrepreneur category.

Chairman of the judging panel, David Johnson, who is chief executive of Trends International and who won the inaugural Ernst & Young Entrepreneur Of The Year in 1998, said Mr Hill ticked all the boxes.

“He’s achieved everything he set out to achieve but what impressed the judges most was a desire to keep setting and achieving goals,” Mr Johnson said.

Mr Hill's wealth was estimated at $235 million in this year's NBR Rich List. He and wife Christine are still the largest shareholders in Michael hill International with a 47.7% stake worth around $160 million.

Mr Hill’s simple U-shaped layout and accessible product range set the framework for much bigger takings.

Currently the chain has 212 stores – 138 in Australia, 52 in New Zealand and 22 in Canada. The aim is to reach the 1,000 level by 2024 by going truly global.

The Entrepreneur of the Year finalists and category winners were Brett Henderson from Holdfast NZ, product category; Mark Taylor from FrameCAD Solutions, services category; Miles Valentine of Zeacom, Technology; Master Entrepreneur, Michael Hill of Michael Hill International; Young Entrepreneur, Anthony Gadsdon of Mix.

Michael Hill will represent New Zealand and compete against leading entrepreneurs from 50 countries in the Ernst & Young World Entrepreneur Of The Year Awards in Monte Carlo in May 2009.