Packer is the son of Kerry Packer, a media mogul, and his wife, Roslyn Packer . He is the grandson of Sir Frank Packer. He inherited control of the family company, Consolidated Press Holdings Limited, as well as investments in Crown Resorts and other companies. He is the former executive chairman of Publishing and Broadcasting Limited (PBL) and Consolidated Media Holdings, which predominantly owned media interests across a range of platforms, and a former executive chairman of Crown Resorts.
In May 2019, Packer’s net worth was assessed as A$4.94 billion by the Financial Review Rich List, ranking him as the thirteenth-richest Australian; he was the richest person in Australia in 2006 and 2007. Forbes Asia magazine assessed Packer’s net worth at US$3.6 billion in January 2019, the ninth-richest Australian.