Kieran Read captains a XV showing six changes from the team that beat Australia in October's World Cup final.
Lock Luke Romano replaces the injured Sam Whitelock for the first match of a three-Test series.
The All Blacks team features players with 720 caps, despite the retirement of several high-profile stars.
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Flanker Sam Cane replaces former skipper Richie McCaw while Aaron Cruden starts at fly-half in place of Dan Carter.
Uncapped pair Ardie Savea and Seta Tamanivalu are among the replacements.
"We're well aware that this is a good Welsh team and not one that we'll underestimate," Hansen said.
"Whilst the opposition might believe that we're vulnerable because it's our first Test and we have lost some experienced players, we don't have that mindset."
New Zealand team to face Wales: Ben Smith, Waisake Naholo, Malakai Fekitoa, Ryan Crotty, Julian Savea, Aaron Cruden, Aaron Smith; Kieran Read (captain), Sam Cane, Jerome Kaino, Brodie Retallick, Luke Romano; Owen Franks, Dane Coles, Joe Moody.
Replacements: Nathan Harris, Wyatt Crockett, Charlie Faumuina, Patrick Tuipulotu, Ardie Savea, TJ Perenara, Beauden Barrett, Seta Tamanivalu.
New Zealand head coach Steve Hansen has named an experienced side for Saturday's first Test against Wales at Eden Park in Auckland.