Packer retains 'richest man' title

Kerry Packer is still Australia's richest man

SYDNEY, Australia (CNN) -- Media tycoon Kerry Packer remains easily Australia's richest man, despite a 30 percent share price drop in his flagship listed company, Publishing and Broadcasting.

The 63-year-old Packer, whose health has been poor since a kidney transplant last November, is worth $3.2 billion (Aust $6.2 billion), according to the BRW business magazine.

In its annual Rich 200 list published Friday, BRW said Packer was well clear of second-placed Frank Lowy, whose net worth it estimated at $1.8 billion (A$3.5 billion).

Packer's fortune comes from his Nine television network and magazine publishing interests, plus his successful investment in Melbourne's Crown Casino.

His family company owns a cinema group and has made investments in financial services, internet and telecommunications businesses, including in India.

Lowy, 70, is the founder of the Westfield property and retail group, which has interests in the U.S. and the U.K. His three sons are all active in the business.

In third place behind Lowy is industrialist Richard Pratt with $1.7 billion (A$3.3 billion). Pratt's fortune comes from his paper and packaging interests through Visy Industries, Australia's biggest private company.

James Packer taking greater control of business

Packer's son, James, has taken greater control of the family's business interests since his father's illness. James is joint chief executive of the private holding company Consolidated Press Holdings (CPH) and chairman of PBL.

He is also an investor in mobile telco One.Tel and on Thursday moved to take greater control of the troubled company, in partnership with News Limited.

In fourth place on the BRW Rich List is international investor David Hains, on $840 million (A$1.6 billion. Hains and his family have property, retailing and commodity interests, and run the Portland House investment fund.

Wine maker Bob Oatley has made the most dramatic gains, moving into fifth place ($840 million) after merging his Rosemount Estate in February with Southcorp, Australia's biggest wine company.

Rounding out Australia's top 10 are retailer Gerry Harvey ($680 million), retailer and retirement village developer John Gandel ($630 million), property developer Harry Triguboff ($630 million), gaming machine manufacturer Len Ainsworth ($530 million) and media/industrial tycoon Kerry Stokes ($460 million).

BRW

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