Gretel Packer set to become Australia's 50th billionaire

Gretel Packer is set to become Australia's 50th billionaire after coming to an agreement with her brother, James, over the family's wealth.

The confidential deal, reportedly worth more than $1 billion, would place Ms Packer among Australia's 50 richest people, according to the 2015 BRW Rich List.

The deal is understood to be structured so that Ms Packer, 49, will receive a number of payments from her brother, having already received a large advance upfront payment, as well as retaining a small stake in Consolidated Press Holdings.Credit: Jesse Marlow

While the split of assets will take Mr Packer's fortune down to about $5.1 billion, he will still hold his No. 7 rank on the Rich List.

The deal is understood to be structured so that Ms Packer, 49, will receive payments from her brother, having already received a large advance upfront payment, as well as retaining a small residual stake in Mr Packer's Consolidated Press Holdings (CPH) that will be protected from loss.

James Packer's attack on delays for his Crown Sydney casino development comes a decade after the death of his father Kerry Packer who also vied to build a Sydney casino.Credit: AP

Ms Packer will join Gina Rinehart, sisters Leonie Baldock and Alexandra Burt of the WA Wright family, Judith Neilson and Angela Bennett as women ranked among Australia's top 50 richest people.

The settlement between the Packers comes almost a decade after the death of their father, legendary media mogul Kerry Packer.

Ms Packer is the chairwoman of the Crown Resorts Foundation and was the "driving force" behind the establishment of a new $200 million charitable fund set up by the Packers and Crown Resorts in 2014, her brother said.

The National Philanthropic Fund will be distributed to Indigenous education, community welfare and arts. Ms Packer is known for her support of arts organisations such as the Sydney Symphony Orchestra, and is a trustee of the Art Gallery of NSW as well as the Sydney Theatre Company Foundation.

Billionaire James Packer is exploring options for a privatisation of casino operator Crown Resorts.Credit: Pat Scala

James Packer, 48, has reshaped his family's empire during the past 10 years, selling down media assets such as free-to-air broadcaster Nine Network, turning his focus to Crown Resorts, of which CPH owns just over 50 per cent, and other businesses, such as independent Hollywood production house RatPac – a joint venture with producer-filmmaker Brett Ratner.

Mr Packer's most recent high-profile endeavour is the construction of Sydney's second casino, a $2 billion Crown casino/resort at Barangaroo on the Darling Harbour shoreline. Crown beat out Sydney incumbent Echo Entertainment, which owns The Star in Pyrmont.

Gretel Packer (right) with daughter Francesca and mother Roslyn. Credit: Belinda Rolland

Mr Packer's Crown owns 34 per cent of Nasdaq-listed Melco Crown Entertainment, which has gaming and resort ventures in Macau and the Philippines.