Graeme Hart is now more than $1 billion richer

Graeme Hart is now more than $1 billion richer
Photo credit: File

Business media company Bloomberg has revealed New Zealand's richest man became more than $1 billion richer in the year to date.

The news was announced in Bloomberg's latest Billionaire Index. As of Wednesday, Graeme Hart's net worth was US$6.96b (NZ$10.34b).

He's now the world's 237th richest man.

Hart's net worth could buy 5.64m troy ounces of gold, or 131m barrels of crude oil, Bloomberg says.

It's also equivalent to 0.0386 percent of the GDP of the United States, 580 percent of the total wealth of the 500 richest people in the world, and 1.76 percent of the top 100 US college endowments.

Most of Hart's wealth comes from owning investment company Rank Group, based in Auckland.

Hart declined to comment on his net worth when his Auckland office was approached by Bloomberg.

The 64-year-old lives in Auckland and studied at the University of Otago.

In 2017, he was awarded an Honorary Doctor of Commerce degree from The University of Otago to recognise his contribution to the business sector and philanthropy, by supporting education and children's health.

According to Bloomberg, his latest milestone was in 2011, when he bought Graham Packaging for $4.4b.