Most of my money in China, says James Packer James Packer says China's growth rate is still the envy of most of the world. The fortunes of James Packer are inextricably linked to the growth of China, as the Australian casino mogul says the success of his Macau joint venture means he has more wealth tied up in the Asian economy than his home country. In an interview with Forbes Asia to mark the magazine's list of the richest 50 Australians, in which the Crown Resorts chairman is ranked third with wealth of $6.6 billion, Mr Packer said the company's initial $750 million investment in Melco Crown had grown to be worth $8 billion. "I've now got more of my money in China than anywhere else, more probably than in Australia," he told the magazine. The rest is held in public markets on the Hong Kong and NASDAQ stock exchanges. Crown's equity-accounted share of Melco Crown's earnings before interest and tax grew 65 per cent to $152.3 million in the 12 months ended June 30. The Melco contribution accounted for 29 per cent of Crown's own EBIT for the period. Macau is the only Chinese territory where the country's citizens can legally gamble. Gambling revenue in Macau grew 19 per cent to $50.6 billion in 2013. The seemingly unstoppable growth has caused many analysts to upgrade their earnings forecasts for Crown. However there is also speculation that restrictions on travel or government clamp downs on the transfer of money out of China might dampen prospects for Macau's casino industry. But Mr Packer brushed aside these concerns in the article. "We uphold our optimistic view on China's economy, as well as Macau's," he said. The increasingly affluent PRC population has led to a greater demand for quality entertainment. "I don't pretend to be an economist," Mr Packer said. Across Melco and Crown, the two companies are developing new properties in Sydney, Sri Lanka, Macau and The Philippines. Melco has also flagged its interest in spending up to $US5 billion in Japan, if the country adopts legislation to allow casinos. "One of the things that is attractive about Crown is that it is a globally scalable model," Mr Packer told Forbes. And the Crown brand is a very strong regional brand already. Melco Crown is widely expected to distribute its maiden dividend to shareholders in 2014. One analyst has suggested the investment could earn Crown $1 billion in dividends over the next five years. Forbes' 5 Richest Australians Gina Rinehart Anthony Pratt James Packer Ivan Glasenberg Andrew Forrest