According to Forbes the businessman is worth a staggering $4.6 billion and is Australia's fourth richest person.
Mariah, who is worth an estimated $225 million herself, was said to be holidaying in Italy on Packer's yacht.
The Hero singer has been single since her split from husband Nick Cannon last year, but was seen looking happy with her rumoured new boyfriend.
The 45-year-old diva, who was recently said to be dating longtime friend Brett Ratner, has struck up a romance with Aussie James Packer according to reports by TMZ.
Packer may sound familiar as the super rich mogul, who owns hotels and casinos throughout Australia, was recently linked with model Miranda Kerr.
Twice-married James Packer has dated a string of beautiful women before reportedly hooking up with Mariah.
He was apparently dating former Victoria's Secret model and close friend Miranda after her split from actor Orlando Bloom.
Mariah most recently joined online dating service Match.com so it seems that she will have to deactivate her profile if her new love match works out.
The singer is seen in her latest music video for Infinity swiping through matches in the New York area.
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