James Packer - Wealth

Wealth

Packer first appeared on various wealth lists in 2006, following the death of his father the previous year and the intergeneration transfer of the bulk of Kerry Packer's wealth to his son, James. James Packer's wealth peaked at A$7.25 billion in 2007, however due to poor investment decisions and falling profits, a television report on 21 June 2007 revealed that Packer has lost in excess of $1 billion over the previous six months. As a result, the 2008 BRW Rich 200 listed Packer as the third richest person in Australia with a personal wealth of A$6.1 billion, behind Fortescue Metals Group chief executive Andrew Forrest and Westfield Group's Frank Lowy. This is the first time in 21 years that a member of the Packer family has not topped the list.

On 18 January 2009, The Sunday Telegraph reported that due to ongoing financial problems, Packer's wealth dropped to under A$3 billion; also reporting that Packer listed for sale his Mangusta yacht and delayed the purchase of a Boeing Business jet. Yet by mid-2010, it was reported that Packer owned a number of assets including Ellerston Z (a superyacht), Arctic P (a luxury cruise ship and former ice-breaker), a private jet, a 12-seater Sikorsky S-76 helicopter, and a variety of cars including an Aston Martin DB9 coupe.

In 2012, Forbes magazine estimated that Packer's wealth had increased to US$4.50 billion. Meanwhile, the Business Review Weekly estimated his wealth at A$5.21 billion a few months later.