Educated at King's College, Auckland and the University of Otago, where he graduated in 1974 with a Bachelor of Commerce degree,[1] Richwhite's personal wealth was largely acquired during the late 1980s and early 1990s.
Fay, Richwhite & Company was the prime focus of the "Winebox Inquiry" which dealt with, among other things, tax-avoidance arrangements in the Cook Islands.
Whilst their business encompassed the full range of investment banking and trading services across many sectors, Fay Richwhite became most well known for its role in the privatisation of State Owned Enterprises (SOEs) in New Zealand.
During the late 1980s Fay Richwhite advised the New Zealand government on a number of asset sales and ultimately organised and co-invested in consortia which purchased some of these assets including: Fay Richwhite went on to invest alongside Wisconsin Central, Berkshire Partners and Goldman Sachs in the purchase of four of the five United Kingdom national rail companies being privatised in 1996.
In 1994, a Commission of Inquiry was undertaken in New Zealand to investigate claims of corruption and incompetence in two government entities: the Serious Fraud Office (SFO) and Inland Revenue Department (IRD).
The inquiry centred on a transaction carried out between a subsidiary of European Pacific Investments (EPI), a company directed by Richwhite and three others, and the Cook Islands Government.
[4] Sir Michael Fay and David Richwhite backed and led the first three New Zealand challenges for the coveted America's Cup sailing trophy in 1987, 1988, 1992.
[citation needed] Following the 1988 "Big Boat" challenge they briefly won the cup, later losing it in the courts to San Diego Yacht Club.
[citation needed] In 1988, the pair led a team to San Francisco for the World One Ton Cup which they won in Bruce Farr designed "Propaganda" (KZ 6161).