The myth of ‘mum and dad’ investors

• James Henderson
• 11 years ago
• Categories: capitalism, class war, privatisation

The myth that National sold Mighty River Power to ‘mum and dads’ is dead. New analysis shows that half the retail shares went to just 12,844 people. A tiny group of 394 people bought 10% of the retail shares. Only 13.4% of the company is owned by what you might call ‘ordinary Kiwis’ – less than the amount owned by foreign investors. But the truth is, ordinary Kiwis are the 98% who bought nothing.

As Russel Norman says, this is what you get when you live in an unequal country. The few who got the most from National’s tax cuts are the same few buying up large in the asset sales.