Media Recession Hits Down Under’s Richest Man

pdv008073.jpgLast year media mogul James Packer, owner of Consolidated Media Holdings Ltd. — which counts PBL Media and Nine Network among its properties — had a net worth of 7.25 billion Australian dollars, making him the country’s richest man.

Not so much anymore.

The industry-wide downturn decreased Packer’s worth by $1.1 billion, leaving him with only $6.1 billion. This, coupled with the “Asia-driven resources boom,” allowed iron ore magnate Andrew Forrest (current net worth: $9.41 billion) to lap Packer.

(For comparison sake, our favorite Australian, Rupert Murdoch, is worth 8.8 billion American dollars, roughly 9.24 billion Aussie dollars at today’s exchange rate.)