Yahoo Finance Packer to donate $200 million to charities
Australian businessman James Packer is showing off his charitable side with new plans to give away $100 million of his family’s wealth over the next decade.
Packer’s company Crown Resorts is set to unveil its National Philanthropic Fund today, which will offer up $200 million to various charities, News Corporation has reported.
Related: Packer launches indigenous youth program
Under the arrangement, Crown Resorts will donate $100 million to the fund, while the Packer family plans to match the sum over 10 years, pledging an average of $20 million a year.
According to the report, the Packer family said they hoped to help organisations that “work tirelessly to deliver services, assistance and opportunities for people from disadvantaged backgrounds”.
Mr Packer’s sister Gretel is said to have been the driving force behind the foundation.
Ms Packer will co-administer the fund alongside former Howard Government minister Helen Coonan, News Corporation reports.
The fund’s first $200,000 will be donated to Sydney charity worker Reverend Bill Crews to teach Aboriginal children in Darwin to read.
Related: Packer backs China's path
Packer’s pledge coincides with reports Melbourne billionaire Alex Waislitz plans to donate $50 million to charity over the next decade.
According to Fairfax, the investor, who got rich by investing in small and mid caps, will spend the money on social venture capital projects through his Waislitz Foundation.
Related: Designs for Packer's hotel casino released
But neither of these men can top the very generous lump sum that mining magnage Andrew Forrest and his wife Nicola donated to Western Australian universities in one fell swoop.
The couple donated $65 million last year to the universities of Western Australia, making it one of the country’s largest philanthropic gifts.
