Billionaire James Packer reveals surprising decision about $5.1 billion fortune

Billionaire James Packer plans to break a century of tradition within one of Australia’s most famous dynasties by not anointing a successor to his reshaped $5.1 billion empire.

Instead, Mr Packer revealed in a wide-ranging interview that when the time came to pass on his fortune to the next Packer generation, it would be divided equally between his three children to ex-wife Erica Packer — London-based Indigo, 16, Jackson, 15, and Emmanuelle, 12.

“My present plan is to treat my kids equally,” he said.

That fortune is now estimated at more than $5.1b after Mr Packer successfully transformed his private flagship Consolidated Press Holdings (CPH) into an “active passive” investor in leading-edge technology companies following the $3.3b sale of its controlling stake in Crown Resorts.

It has been a highly successful formula, with CPH riding the artificial intelligence boom to generate record profits. The pivot has also seen Mr Packer debt free for the first time since inheriting control of CPH upon the death of his father, legendary media mogul Kerry Packer, in 2005.

Combined with a much-simplified corporate structure, the new investment strategy also means that for the first time, CPH is no longer the hands-on operator of a media or gaming business requiring a Packer family member to run.

I would love all my kids to work with me if they wanted to.

Apart from enabling Mr Packer to spend more cruising the Mediterranean or South Pacific on his super yacht, the CPH restructuring has also removed potential complications to his plan to eventually pass on his fortune to his three children.

Giving a rare insight into the rationale behind his succession planning, Mr Packer said: “In regard to what will happen when I’m gone, unlike people like Kerry Stokes or (Canadian tech guru) Daniel Nadler, I inherited my money.

“Whatever difficulties I’ve had in my life, I’m incredibly grateful to my father for being as generous to me as he was.

“And, in that regard . . . I’m going to leave the majority of my wealth to my kids, just like Dad did with his children.”

Mr Packer revealed he planned to pass on his business learnings to all three children as they grew older, but would be equally supportive if they chose to devote themselves to philanthropic causes like their mother Erica, a long-serving ambassador for humanitarian group UNICEF.

Mr Packer and his sister Gretel are also big supporters of charitable causes in Australia through their Packer Family Foundation, which has donated $100m to date.

“In terms of advice, my kids are 16, 15, and 12, so I will start talking to them more about business, and my learnings regarding that, more and more as they get older,” he said.

“Jackson is studying hard, as are his sisters. I would love all my kids to work with me if they wanted to.

“And, yes, absolutely, if my kids want to concentrate on philanthropy, like (human rights activist) Grace Forrest, I would be supportive and delighted.

“I want them to live fulfilling lives and to be happy.”

All born in Sydney, the three Packer children grew up in Los Angeles before moving to London in 2023 with their mother.

While living out of the media spotlight, Jackson Packer made a rare public appearance last year when he accompanied his mother to Moldova on a UNICEF trip to highlight the plight of refugees who had fled the war in Ukraine.

At the time, Erica Packer said that as a very privileged family, it was important Jackson and his sisters grew up “really understanding the responsibility they have”.

Mr Packer’s plan to divide his fortune equally between his three children may well have been shaped by his own experiences following the 2005 death of his father.

After grooming him in the family business, Kerry anointed James as his successor by leaving him governing directorship of family company CPH.

In doing so, James became the third generation of male heirs to the family media business, which was founded by his great-grandfather Robert (RC) Packer in the 1920s before being passed on to Sir Frank Packer and then Kerry.

At the time of Kerry’s death, the family-controlled Publishing & Broadcasting had also started its foray into gaming by taking over Perth’s Burswood casino.

However, when Mr Packer’s older sister Gretel grew concerned about how the family business was being run by her younger brother, it sparked a bitter and drawn-out legal battle between the two siblings.

To settle with his sister, Mr Packer was forced to liquidate assets and take on stressful levels of personal debt to pay her out.

They have since reconciled and Mr Packer stressed that unlike other prominent Australian billionaire families, his legal fight with Greta was never played out publicly in the court room.

“Regarding my negotiations with my sister — it’s important to remember that we never ended up in court,” he said. “That’s unlike the Hancocks, the Murdochs, and the Pratts.

“So yes, we had heated discussions, but my sister and I agreed without the need of a court to determine what was fair or not.”

CPH’s transformation has also freed up Mr Packer to pursue what he terms a peripatetic lifestyle, devoid of any public company and probity obligations and away from the media glare.

When not on his super yacht, he bounces between residences in Aspen, Los Angeles, Mexico, Argentina and a luxury penthouse in Sydney.

The recent move to London by his family means he will also be spending more time in the UK, where he said he was happy for his three children to stay below the radar as well.

“In terms of where they want to live — my kids are very fortunate they’ve had the benefit of travelling a lot, especially for their ages,” he said. “I want them to live where it makes them happiest.

“I’m very proud of my kids, and their mother Erica, who is my best friend. She has done an amazing job bringing up our kids. They live in London now and they’re all thriving.”