Property developer Mark Gunton may have a fortune of $400 million-plus, but he still doesn't own an Auckland house. Prices are too high, he says, and his money is better used elsewhere.
"I'm not a richlister. I don't even own a house here. I can't afford one," says the businessman, whose wealth is believed to be in the $400m-$600m range, less debt.
"I don't own a house in Auckland because I see it as a poor use of capital. I just think I have better places to put it. It's in my business," he says.
In Auckland, Gunton lives in a rented apartment. "When I'm not in Auckland, I'm on the farm."