Talk Money: September 14, 2015
Business leaders are calling for wealthy migrant investors to be required to put more of their money into productive local companies.
Since 2009 around 1500 wealthy people have applied to live in New Zealand. Another 300 are in the pipeline. They will bring with them around $4 billion.
But The Icehouse and a group of business leaders are concerned that much of that investment is ending up invested in bank bonds and deposits. The money earns interest but does not do much to support local companies with high growth potential.
The Icehouse is proposing 10 percent of wealthy migrants' money be put into growth investments. It says this would generate an extra $50 - $100 million a year for local businesses.
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