The percentage of female multimillionaires in New Zealand is below the global average, research shows.
The study by business magazine Spear's and consultants WealthInsight has found that only 6.3 per cent of Kiwi multimillionaires are women, compared to the worldwide average of 10 per cent.
New Zealand was placed 36th on its list of 42 countries surveyed, below Australia (8.8 per cent), the UK (11.4 per cent) and the United States (9.4 per cent).
Portugal, the Phillippines, Peru and Hong Kong topped the list, while Japan and Saudi Arabia were in the bottom two spots.
Spear's editor Josh Spero said New Zealand's result was "surprising", given its "liberal politics and diversified economies".
Allison Fairkettle, of business management company MYOB, told the Herald that women tended to lack "that appetite to make millions of dollars".