Sir Michael rarely steps into the spotlight these days. In fact, the only occasion his name appears in the news is in relation to either Great Mercury Island or New Zealand’s America’s Cup bid.
But Sir Michael’s name appeared in the press late last year when his son, James, married Beau Dunn, a well-known Los Angeles-based model and actress.
Sir Michael and his business partner, David Richwhite, accumulated the majority of their personal wealth via the structural changes to the economy made by the fourth Labour government between 1984 and 1990. Their companies were involved in privatisations including Bank of New Zealand, Tranz Rail and Telecom New Zealand.
Sir Michael was inducted into the America’s Cup Hall of Fame in 2002 for his efforts to back New Zealand’s first Cup bid in 1987.
He is also the chairman of the Manu Samoa rugby team, in which he is a 50% shareholder. Mr Richwhite holds the other 50%.
The pair have been influential in turning Great Mercury Island, which sits off the Coromandel coast, into a wildlife sanctuary. They have spent $750,000, matching the same amount contributed by the Department of Conservation to make it pest free.
Sir Michael and Lady Sarah’s philanthropy extends to music in schools through the Play It Strange Trust, which supports the playing of ukuleles in schools. The Salvation Army and Women’s Refuge also benefit from their charitable activities. The Fays have two daughters, Annabel and Jessica.
Annabel has made a career in pop music and has released several albums.
Photo: New Zealand Herald/newspix.co.nz