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Zuru owners overtake Graeme Hart as NZ’s wealthiest on NBR 2024 ‘Rich List’

Mowbray family news

The Mowbray family, founders of the toy company Zuru, have been named New Zealand’s wealthiest people, dethroning Graeme Hart who held the top spot for over two decades.

Brothers Mat and Nick Mowbray, who started Zuru in a Cambridge garage, now lead the NBR’s 2024 Rich List with an estimated net worth of $20 billion, while Hart’s wealth is valued at $12.1 billion. Zuru, which began over 20 years ago, has expanded into toys, consumer goods, and construction, employing more than 5000 staff across 30 global locations. Nick Mowbray told NBR he anticipates Zuru will achieve $3 billion in revenue this year, with ambitions to reach $10 billion annually within five years.

Zuru’s focus on robotics and automation has positioned it as a highly efficient and profitable company, said NBR. Recently, Zuru has ventured into automating property construction, with a 25-acre factory in China set to produce houses by early next year.

The collective wealth of this year’s NBR List is $95.68 billion, significantly higher than last year’s $72.59 billion, highlighting a historic wealth transfer from baby boomers to the next generation. This transfer is expected to impact jobs, real estate, and the broader economy, as some heirs establish family offices and investment vehicles to ‘preserve their legacy.’

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