Table of Contents Show
New Zealand’s Finance Minister Nicola Willis has been in the headlines for her efforts to deliver tax relief while tackling the country’s rising debt. Many New Zealanders have asked: What is Nicola Willis’s net worth, and how does it connect with the big economic choices she is making?
Although no official figure is published for her personal wealth, Willis’s long career in politics and previous senior roles in the private sector – including as a general manager at dairy giant Fonterra and director of the New Zealand Initiative – have placed her among the country’s financially secure leaders.
As a senior minister she earns around NZ$296,000 a year, and public records show her regular travel and accommodation expenses as an MP since 2018.
Balancing debt and promises
Willis took office as Finance Minister in November 2023 and has since faced the challenge of meeting tax‑cut promises while keeping public finances under control.
In May 2024 she delivered a budget with NZ$14 billion in tax cuts, giving workers between NZ$4 and NZ$40 extra a fortnight and lifting in‑work tax credits for 160,000 low and middle‑income families.
Speaking after the budget in an interview with The Post, she said:
“Our Government is committed to getting the books back in order and effectively managing taxpayers’ money.”
However, Treasury figures in mid‑2025 showed net core Crown debt at NZ$182 billion, about 42.6 percent of GDP.
Economists like Brad Olsen from Infometrics have publicly noted that while debt is low compared to other OECD countries, New Zealand must return to surplus and avoid using borrowing just to cover operating costs.
Cost‑of‑living support
Alongside her fiscal message, Willis has highlighted support for families.
On her official Instagram account this year she posted:
“We’re committed to helping families with the cost of living. That’s why we’re increasing the maximum FamilyBoost payment from $75 a week to up to $120 a week, to help with early childhood care costs.”
This move was widely welcomed as part of a package aimed at easing pressures on working parents.
Attracting investment
Willis has also been active in courting international investors to strengthen growth. In April 2025 she met with Waikato‑born billionaire Richard Chandler, head of the Singapore‑based Clermont Group, to discuss opportunities in agriculture and “pure foods.”
In that meeting, she told Newsroom:
“I was interested in his views on the attractiveness of New Zealand as an investment destination and his observations about the global economy.”
Parliament debates and policy criticism
Willis’s speeches in Parliament reveal her sharp criticisms of rapid tax law changes introduced under urgency by the previous government. In a Hansard debate on the Taxation (Income Tax Rate and Other Amendments) Bill, she warned that new information‑gathering powers for Inland Revenue were
“a huge invasion into the personal financial affairs of New Zealanders.”
Controversies and tough choices
Willis has also faced heavy criticism for cutting planned spending on major projects. In December 2023 she declined KiwiRail’s request for NZ$1.47 billion to replace the ageing Interislander ferry fleet.
`The decision, dubbed the “ferry fiasco” by unions and opposition MPs, led to calls for her resignation from Labour’s Grant Robertson and several maritime groups.
In the 2024 Budget, her government also chose not to fund 13 cancer treatment drugs, citing a NZ$1.77 billion Pharmac funding gap left by the previous government.
Willis said in interviews that the Government would look for ways to meet those commitments in the 2025 Budget.
A career shaped by politics and family life
Born in Wellington in 1981 and raised in Lower Hutt, Willis studied English literature at Victoria University of Wellington and earned a postgraduate journalism diploma from the University of Canterbury. She worked as an adviser to former Prime Minister John Key before entering Parliament in 2018. She is married to Duncan Small and is a mother of four.
The road ahead
Nicola Willis remains at the centre of New Zealand’s economic story. She has promised to cap wasteful spending by councils, reshape procurement rules to encourage business growth, and ensure her tax‑cut plans are fully funded.
In a recent interview on Newstalk ZB, she admitted:
“It’s a delicate balancing act, but I believe we can grow the economy and still deliver relief for families.”
Her net worth may not be officially listed, but her record in both business and public service shows she is no stranger to managing money. For New Zealanders watching her budgets and policies, the bigger question is not her personal fortune but whether her financial decisions will deliver the economic stability and opportunity she has promised.
Found something wrong? We’d love your feedback on this story.
