NBR RICH LIST 2016: Graeme Hart’s wealth tumbles
Graeme Hart may still be New Zealand’s richest man but his fortune took a hit this year amid concern over some of his debt-heavy businesses.
Most recently, Mr Hart’s car parts maker, UCI International, filed for bankruptcy protection in the US.
This raises the question whether there may be any ripple effects from the auto parts business on Hart’s main packaging business, Reynolds Group.
The packaging group reported annual earnings up 4.3% to $US2.02 billion last year and has reduced overall indebtedness from above $20 billion to about $14 billion following some asset sales.
But the situation with UCI demonstrates how exposed Mr Hart is to the debt markets and NBR has marked down his personal fortune from $9 billion to $7 billion.
Read Graeme Hart's full profile here.