Ann Crotty Writer-at-large

New Zealand has just announced a clampdown on foreigners buying property in that country. The move comes as increasing numbers of America’s super-rich have identified the distant archipelago as their favourite location in the event of the apocalyptic collapse of capitalism. It is apparently particularly popular among the billionaires of Silicon Valley — they feel they know the country, having watched several reruns of Lord of the Rings. For example, billionaire venture capitalist Peter Thiel — who founded PayPal with Elon Musk and backed Donald Trump’s presidential campaign — secured New Zealand citizenship in 2011 with such an apocalypse in mind. His idea is to hop on his private jet and head to his new home in New Zealand, with a few friends, when the systemic collapse becomes evident. US senator Elizabeth Warren has launched a plan to help those who would be unable to afford this option — even if it were still available. But Warren, a potential presidential candidate for 2020, is...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now