Among the investors are prominent billionaires noted for their luxurious assets. Figures obtained by the Weekend Herald reveal Britons, Italians and Americans top the list of agricultural buyers since July 2005, followed by Israelis and Australians.

Most of the land they bought was for sheep, beef and cattle farming, including some high-country stations of up to 26,000 hectares in the South Island.

The release of the figures follows growing political controversy this week over the attempted purchase by Chinese interests of 16 dairy farms from receivers of the Crafar empire.

Prime Minister John Key responded on Wednesday (July 7) by saying he would not like to see New Zealanders become tenants in their own country.

Asked if his preference was for the land to stay in New Zealand hands, Key said, "As a general and broader principle, I think New Zealanders should be concerned if we sell huge tracts of our productive land."

Overseas investors must apply for permission to buy sensitive land, which includes rural holdings of five hectares or more, fishing quota or non-land assets worth more than NZD100 million (US$70.8 million).

One of the billionaire buyers listed in Overseas Investment Office decisions is understood to be Alexander Abramov, a Russian steel magnate who the Forbes rich list reportedly said is worth US$6.1 billion.

The decision records the Russian-owned Abramov Family Trust buying a 120 hectares farm in Northland last year. He controls 22% of Russia's total steel output as the chairman of Russian steel giant Evraz.

The Overseas Investment Office document shows plans to build a high-quality residence at the beef farm in Helena Bay, just south of the Bay of Islands, which could be made available commercially to wealthy New Zealand and overseas clients. It said he also plans to upgrade the farm, begin a stock-breeding programme and carry out environmental and historical preservation work.

Other wealthy farm owners include Israeli billionaire Shmuel Meitar, a co-owner of Walter Peak Station near Queenstown.