It has a 32 percent larger landmass than the North Island so is sometimes referred to as the "mainland" of New Zealand, especially by South Island residents, but only 23 percent of New Zealand's 4.7 million inhabitants live there. In the early stages of European (Pākehā) settlement of the country, the South Island had the majority of the European population and wealth due to the 1860s gold rushes. The North Island population overtook the South in the early 20th century, with 56 percent of the population living in the North in 1911, and the drift north of people and businesses continued throughout the century.