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Kerry Packer tops list
STAFF WRITER
Thursday, May 23, 2002, Page 21
Kerry Packer, who controls Publishing and Broadcasting Ltd, topped the Business Review Weekly's annual list of Australian's richest 200 people with his A$5.9 billion (US$3.3 billion) fortune, though he lost A$1 million a day in the past year through poor investments. The news magazine said Packer, 64, whose company owns Australia's largest TV network, casino and some of the country's most popular magazines, is by far the richest Australian with 40 percent more wealth than Westfield Trust founder Frank Lowy, no. 2 on the list. Packer's wealth declined as the share price of PBL fell 7 percent and units in his investment company CPH Investment Corp fell 3.6 percent in the past 12 months, writing off poor investments such as collapsed telecom provider One.Tel Ltd and exiting businesses in India, BRW said. Lowy's estimated wealth of A$4.2 billion rose 20 percent from A$3.5 billion in the past year after the acquisition of Rodamco North America NV's US malls.
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