Charles Koch Net Worth: $41.2 billion
American business tycoon, author, and philanthropist Charles Koch is co-owner, chairman, and chief executive officer of Koch Industries. He is one of the sons of Fred Chase Koch, owner of Rock Island Oil and Refining Company. After graduating with his Masters in mechanical and chemical engineering, he joined his father’s company. He became the company president in 1967 and changed its name to Koch Industries. Koch is a known Republican and one of the co-founders of Cato Institute. He donated a portion of his money between 2004 and 2008 for libertarian causes, as well as for academic and public policy research and social welfare. He has also provided scholarships and funded economical research, saying that he wants “to teach American students the principles of limited government, and to connect recent graduates with market-oriented organizations, in an effort to launch their careers in public policy.” His book, “The Science of Success,” was published in 2007 and was quoted in a management philosophy he practices, known as “Market-Based Management”. Charles Koch has an estimated net worth of $41.2 billion from his shares in Koch Industries.
How did Charles Koch make his money?
Charles Koch’s brother, David, is Executive Vice-President of the conglomerate and each of them owns 42% of the shares. Together, they fully expanded their inheritance. The company initially focused on oil refining and chemicals but has now branched out to polymers and fibers, fertilizer, process and pollution control equipment, fibers, technology, and ranching to name a few. The company’s expansion under Charles Koch has boosted its development, making it the second largest privately owned company based on revenue in America.
Koch was awarded the William E. Simon Prize for Philanthropic Leadership because of his resourcefulness and volunteerism, as well as for helping people help themselves.