the overall picture materially. and our relative position in those league tables looks much worse than it did a decade ago. it is worth highlighting a few numbers. financial assets and liabilities are easier than most to get a good fix on. new zealand households'net financial wealth ( deposits, shares, unit trusts, pension funds, etc less household debt ) is estimated to be only around 70 per cent of our annual disposable income. in the bigger developed countries, that ratio averages around 270 per cent - even after the fall in international share prices last year. even allowing for the inevitable problems in putting together such cross - country comparisons, and for the possibility that international share prices still have some further adjustment to do, that is a large - and sobering - difference. put another way, the debt of the household sector in new zealand is very much higher, relative to the sector's financial assets, than in many other developed countries. household net financial wealth to income ratios 1990 - 2001 change 1995 - 2001 change us 261. 8 304. 7 333. 0 71. 2 28. 3 japan 260. 3 283. 8 356. 9 96. 6 73. 1 germany 130. 8 140. 4 150. 0 19. 2 9. 6 france 130. 6 184. 7 264. 4 133. 8 79. 7 uk 211. 8 291. 2 333. 2 121. 4 42. 0 italy 196. 3 217. 1 250. 0 53. 7 32. 9 g6 198. 6 237. 0 281. 3 82. 7 44. 3 australia 253. 0 218. 4 266. 0 13. 0 47. 6 new zealand 102. 7 108. 6 70. 4 – 32. 3 – 38. 1 per cent source : oecd, national sources, and ubs warburg. 2001 data are forecast, except for nz, which are 2000 actuals. household debt to household financial assets ratios 1990 - 2001 change 1995 - 2001 change us 25. 0 23. 6 23. 8 – 1. 2 0. 2 japan 3. 4 32. 7 27. 1 – 6. 3 – 5. 6 germany 34. 9 42. 5 41. 1 6. 2 – 1. 4 france 40. 3 25. 8 17. 3 – 23. 0 – 8. 5 uk 35. 6 24. 9 24. 4 – 11. 2 – 0. 5 italy 12. 9 12. 9 12. 9 0.

economy investor guide, 2017. the maori economy – new zealand foreign affairs & trade ref # 8528795 zealand economy and leading in some areas such as brand development. the maori economic asset base now adds - up to multi - billions of dollars, representing an important part of the putea of aotearoa. however, measuring the contribution of maori to the economic wellbeing of aoteroa by asset size alone is a dis - service. maori culture, and the challenges maori and pakeha have faced together since the 1800s, continue to mold how we do business in new zealand, and how we are viewed by the rest of the world. 3 in 2018, the new zealand ministry of foreign affairs and trade recognised maori as being key to international trade. 4 we also champion the past and ongoing maori economic contribution in our story the journey of te putea matua5, starting with the arrival of your tipuna in the 1400s, or thereabouts. the economic practices of your tipuna are well known to have been, and continue to be, long - term and inter - generational. your investments aim to be values - based in the interests of your mokopuna and their mokopuna. you strive to show more new zealanders how manaakitanga and kaitiakitanga are integral to running a business. it ’ s important to not only recognise the value maori business brings to aotearoa but to also encourage and protect that contribution. it is a vital resource that should not be overused. this is similar to a desirable ‘ virtuous circle ’ of business activity, one that self - supports economic profit, environmental sustainability, social inclusion, and cultural diversity. 6 the alternative is the ‘ vicious circle ’ that sees any one of these outcomes only being achieved at the cost of another. often the difference between the vicious and virtuous circle is simply the time horizon over which people are incentivised to operate. te putea matua has a lot to learn from you, as do business owners globally. a real - life example of business based on long - term values. this is, in part, why we have introduced a te ao maori strategy7 at te putea matua. our role is to think and operate for the long - term, and to be successful we need to be relevant and draw on the broadest insights. it is also in part to support and guide our climate change strategy8