Māori business

The Māori economy plays a crucial role in driving New Zealand’s economic success and is experiencing significant growth – this is projected to continue. Over the last ten years, the Māori asset base has also grown at a significantly faster rate than the overall economy, and is now valued at almost $126 billion.¹

In 2025, 17.5% of New Zealand’s population was Māori (932,300),² and significantly younger than the national average, with 53% below the age of 30.³ These statistics are an indicator that the growth trend will continue. 

The Māori economy is undergoing significant transformation, driven by a growing population and an asset base, expanding its focus beyond traditional sectors such as agriculture, forestry, and fishing.

Although these industries were the primary economic drivers in 2018, that landscape has now shifted. Today, real estate, property services, and professional services have emerged as leading contributors to the Māori economy and to national GDP, presenting new and diverse investment opportunities for those who are interested in partnering with Māori.

Treaty settlements (see Te Tiriti o Waitangi below) and a rapidly growing Māori asset base continue to provide Māori with capital for opportunities beyond the primary sector, with diversification among post-settlement governance entities (a legal entity established to receive and manage settlement assets on behalf of the claimant group) into the education, tourism, infrastructure, property development, and technology sectors.

$41bn Total Māori asset base,⁴  made up from Māori collectives (Māori trusts, Māori incorporations and other Māori entities).

We have also observed the emerging collective voice of Māori collectives (Māori trusts, Māori  incorporations and other Māori entities that are involved in the collective management of communally owned Māori assets), which are significant contributors to the Māori and national economy. Māori collectives make up $41 billion of the Māori asset base with many having "hundred million plus" balance sheets, strong governance and management, and long-term growth strategies.

Māori collectives are reported to own around 50% of all agriculture, forestry, and fishing assets in the Māori economy:

Recent data on Māori businesses indicates that:

• There are 1,362 Māori authorities and 4,488 other Māori enterprises (being other Māori businesses that are economically significant but are not Māori authorities) - 7.5% of which are Māori tourism businesses
• Māori authorities have provided employment opportunities for around 12,500 individuals while other Māori enterprises have contributed around 39,200 employees to the workforce 
• Around 21% of Māori authorities operated in agriculture and other primary industries, with the average size of Māori farms being nearly 2.5 times as large as the average New Zealand farm
• Māori authorities exported $872m worth of goods, 24% of which went to China, while other Māori enterprises exported $574m worth of goods
• The total income for Māori authorities was NZ$5.7billion in FY24

Many iwi and Māori organisations are now significant institutional investors and development partners within the New Zealand economy.

Joint ventures between Māori and non-Māori organisations are becoming increasingly common. Māori organisations are seeking partnerships with investors who, in addition to contributing capital, also contribute capability and expertise while recognising the strategic value (including resource access, relationship networks and local understanding of regulatory processes), and the long-term investment timeframes that Māori organisations bring to the relationship. 

For some large projects requiring the use of natural resources, we are seeing a number of innovative ownership and commercial models which incorporate:

• Strong alignment of values between partners and the development of covenants or kawenata (undertakings)
• Access to global intellectual property, technology and innovations
• Reciprocal access to channels to market
• Mutual investment into the health of the environment and sustainability of the natural resources
• Recognition of mana whenua and mana moana (local tribal authorities)
• Representation on governing boards and executive management teams
• Investment into skills, workforce, education and scholarship initiatives

Alignment of values and a mutual focus on long-term investment goals often results in a successful joint venture between Māori and non-Māori parties.

Te Tiriti o Waitangi / The Treaty of Waitangi (The Treaty) is one of New Zealand’s foundational constitutional documents. Signed in 1840 between representatives of the British Crown and rangatira Māori (chiefs), the Treaty continues to influence New Zealand’s legal, regulatory, and commercial environment. 

Over recent decades, the settlement of historical Treaty grievances has contributed to the growth and diversification of the Māori economy. Treaty settlements have enabled many iwi and Māori organisations to establish post-settlement governance entities (PSGE) and grow investment portfolios across sectors including property, infrastructure, tourism, technology and forestry. Significant settlements under which assets were settled to Māori groups for Treaty claims, including the Māori Fisheries Settlement and the Central North Island Forests Settlement, have also contributed to the development of large-scale Māori commercial platforms and investment capability. 

The Treaty is recognised in a range of New Zealand legislation and regulatory frameworks, particularly in areas relating to natural resources, local government, and infrastructure development. While the legislative landscape continues to evolve, the Treaty remains an important consideration in many public and commercial decision-making processes. 

Investors considering projects involving land, infrastructure, natural resources or significant community engagement may benefit from  engaging early with iwi, hapū, and Māori organisations. Strong relationships and alignment of values can support successful long-term outcomes.

PwC’s Manukura Māori team is passionate about working with iwi, Māori focused entities, and organisations to enhance Māori economic, social, cultural and environmental outcomes and help shape a future Aotearoa where all communities thrive. As a community of solvers, the Manukura Māori Business Team advises investors on successfully engaging and doing business with Māori organisations.