Gambling Entrepreneur Packer Gets Passed as Australia's Money King

James Packer is one of the richest men in the World. He once held the distinction of being the richest man in Australia. That title will no longer apply to Packer.

Packer inherited his father, Kerry's, wealth when the older Packer passed away in 2005. He had built several companies and made himself into the richest man in Australia.

James Packer inherited that fortune and has gone forward with making even more money. He has changed his focus from the media to the gambling arena. He has many gambling interests and has made that the focus of his empire.

Enter Andrew Forest. He is the majority stakeholder in Fortescue Metals. The company saw its share prices skyrocket last week, and because of that, Forest has emerged as the richest man in Australia.

Packer had a net worth of $7.25 billion. Forest is said to be worth just under $8.5 billion. The Fortescue prices rose in the past week from $5.75 to $8.40.



2007-12-30