The Rugby World Cup looks set to leave New Zealand $NZ500 million (A375 million) out of pocket.

A new study of costs for the tournament reveals that the expense far outweighs the financial benefits and the country is being urged to look on it as a chance to build its brand.

New Zealand will spend more than $A1.2 billion ($A898 million) to put on the event, which kicks off in September, but there will be just $NZ700 million ($A524 million) in direct economic returns, the New Zealand Herald reported on Tuesday.

One academic, University of Auckland economics professor Tim Hazledine, said benefits were actually considerably lower if normal tourism spending for that period was deducted.

"In total, you can find about $150 million actual money-in-the-pocket benefits to New Zealand," Prof Hazledine said.

The country's Rugby World Cup Minister Murray McCully was quick to point out the event was "way bigger than anything we've ever done before".

While the immediate financial benefits were limited, the tournament was a chance for the country to build its brand on the international stage, he said.

"We convince more tourists to come here, we convince more businesses to do business here with New Zealand companies and enter partnerships with them," the minister told the newspaper.

"So those legacy values are arguably the greatest, and that's why we're determined to do it properly."

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