To make it onto the NBR Rich List, your net worth needs to be at least $50 million. This year we have identified some rising stars who are likely candidates in future years.
With two finance companies and a property portfolio valued at $38 million, Auckland’s Patel family is building on a wealth of experience in the finance and property sector.
As the family patriarch, Hemat Patel graduated from the University of Auckland with a commerce degree in 1972 and started Fiji’s RB Patel Group – a retailing and wholesaling business still listed on the South Pacific Stock Exchange
Nowadays, Hemat and his Auckland University-educated sons, Adarsh and Darpan, are behind Veda Capital and ASAP Finance, which lends up to $25m for residential commercial and industrial properties at 12-month rates of 11.95% – plus a 2% application fee. With more than 1500 loans settled, ASAP has now lent more than $2 billion.
Through Advantage Capital, the Patel family also owns a $26m property portfolio, which includes a half share, with the Bowkett family, in three popular commercial buildings worth $25m in Freemans Bay. They have also been actively involved in residential subdivisions on the outskirts of Hamilton.