While much of the world thinks of New Zealand as an idyllic redoubt far removed from the world’s problems, one to which many a billionaire has decamped, its working-age population is leaving in record numbers. And many of those emigrating are in their 30s and 40s – professionals with friends and family – rather than college graduates who often return a few years later.
In this Bloomberg Originals mini-documentary, we explore how successive New Zealand governments have built the world’s most extreme housing market, and how in doing so set the stage for the current exodus. Has stagnant growth and a cost-of-living crisis ended the Kiwi dream – and if so, what can be done to fix it?
Explore these and other related stories in more depth on Bloomberg.com
Why New Zealanders Are Moving to Australia in Droves
https://www.bloomberg.com/news/articles/2026-03-05/new-zealand-exodus-to-australia-what-migration-means-for-labor-market-economy
New Zealand’s Brain Drain to Australia Is Widening Societal Rifts
https://www.bloomberg.com/news/articles/2026-07-22/new-zealand-s-brain-drain-to-australia-is-widening-societal-rifts
The World’s Most Extreme Housing Boom Is Now Roiling an Entire Economy
https://www.bloomberg.com/news/features/2026-05-25/new-zealand-s-housing-boom-a-cautionary-tale-for-rest-of-the-world
0:00 Introduction
1:24 Leaving NZ
2:18 Personal Experience
2:41 Tipping Point
3:19 Shared Market
4:00 Bigger Brother
5:14 Betting the House
6:38 Bubble Bursts
7:42 Immigration
8:52 Winners
10:24 Conclusion
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