In our latest Iwi Investment Report, we review the 2024 financial year for ten of New Zealand’s iwi: Ngāi Tahu, Ngāpuhi, Ngāti Awa, Ngāti Pāhauwera, Ngati Porou, Ngāti Toa, Ngāti Whātua Ōrākei, Raukawa, Tūhoe and Waikato-Tainui. Together, their combined assets are estimated at $8.2 billion, roughly 70% of the post-settlement iwi economy.

2024 was generally a stronger year than 2023, with many iwi turning negative or near-zero returns into positive returns, while recording substantial swings (Ngāti Pāhauwera +21 percentage points, Tūhoe +15 percentage points), driven by strong financial investment performance and recovery efforts following Cyclone Gabrielle, which had severely disrupted primary industry operations. Tūhoe, Waikato-Tainui and Raukawa emerged as top performers, benefiting from strong returns on their financial assets (especially offshore equities), operational improvements and some key property and forestry assets bucking wider industry declines. All ten iwi surpassed our benchmark return for the year of negative 5.3%, though eight fell short of their long-run averages, indicating that while the iwi economy demonstrated improvement and resilience amid uncertainty, a full recovery will likely be gradual and dependent on wider economic stability.

Property continued to represent the dominant asset class across iwi investments, accounting for 61% of aggregate holdings, followed by financial assets at 19% and primary industries (chiefly forestry, farming and fishing) at 13%. Property markets grappled with high interest rates, primary industries faced sluggish global demand and financial markets delivered mixed outcomes; domestic equities softened, while global equities flourished.

In response to external pressures, iwi generally adopted cautious strategies and prioritised diversification and active management. Several iwi postponed non-essential projects and redirected primary industry resources to more resilient sectors. For instance, Ngāti Pāhauwera deepened its investment in kiwifruit, while Ngāpuhi increased its focus on financial assets. Iwi continued their shift away from reliance on more passive investments like fisheries quota shares, opting instead to invest further in directly managed assets or diversified financial assets. Meanwhile, iwi such as Ngāti Toa, Ngāti Whātua Ōrākei and Waikato-Tainui maintained their commitment to long-term property investment.