Billionaire James Packer and his wife Erica have announced the end of their six-year marriage.

"It is with great sadness that Erica and James Packer announce their separation," said a statement that was released to The Daily Telegraph on Friday.

The couple, who were married in a lavish ceremony on the French Riviera in 2007, have three children Indigo, 5, Jackson, 3, and Emmanuelle, who turns one this month.

"We remain deeply close friends and incredibly proud parents and our children are our priority going forward."

The couple had only just moved into their new $50 million mansion in Sydney's exclusive suburb of Vaucluse.

The Business Review Weekly this year estimated Packer's wealth at $6 billion - the third richest person in Australia.

Packer was also married to swimsuit model Jodhi Meares for three years.