Gerry Harvey lifts stake in his company

Billionaire businessman Gerry Harvey has increased his stake in Harvey Norman to nearly 30 per cent, and its value currently sits at $1.7 billion.

Harvey Norman co-founder Gerry Harvey's annual pay has fallen nearly 16% in the 2015/16 year. (AAP)

Harvey Norman co-founder and executive chairman Gerry Harvey has taken home less pay but lifted his lucrative stake in the furniture and homewares retailer.

Mr Harvey bought almost 2.7 million Harvey Norman shares in the 2015/16 financial year, taking his total ownership to 29.83 per cent, according to the group's annual report, a stake currently worth $1.7 billion.

His pay packet totalled $1 million in the year to June 30, down from $1.19 million in the previous year, due to the absence of a short term cash incentive.

Chief executive Katie Page, Mr Harvey's wife, was paid $3.1 million, up from $2.9 million a year earlier, after steering the group to a sharp jump in profit.

Harvey Norman's profit rose 30 per cent to $349 million in 2015/16, thanks to the housing construction and renovation boom.

Harvey Norman shares were down 2.5 cents at $5.205 at 1520 AEST, giving the company a market value of $5.8 billion.