Billionaire David Koch died on Friday at the age of 79. The one-time presidential candidate for the Libertarian Party was also a philanthropist and industrialist who left behind a massive fortune.
“It is with a heavy heart that I announce the passing of my brother David,” Charles Koch announced in a statement (via CNN). “Anyone who worked with David surely experienced his giant personality and passion for life.”
Here is a look at the life, success, and net worth of the late David Koch.
David Koch net worth
At the time of his death, David Koch’s net worth was more than all but 10 other people in the world.
Koch died with a net worth of over $50.5 billion. According to Forbes, that made him the 11th-wealthiest person in the world.
Koch held a controlling interest in Koch Industries, the second-largest U.S. private firm with his brother Charles.
Koch Industries has a motto of “Creating value, Transforming life.” According to the company’s website, their goal is to help people improve their lives with innovative products that offer great value.
This includes developing sustainable resources, digital products, protective glass, smart flooring, helping feed the poor, and much more.
Koch stepped down as the executive vice president of Koch Industries due to health concerns in 2018 but was named director emeritus after that. The company brings in $110 billion a year.
Koch also gave away a lot of money as well, donating more than $1.3 billion to organizations such as the New York Lincoln Center and Memorial-Sloan Kettering.
Julia & David H. Koch & Family donated $1M to support education programs for visitors to the @Sept11Memorial Museum. pic.twitter.com/uABxDZrwFU
— David H. Koch (@DavidHKoch) February 13, 2014
The life of David Koch
David Koch (83) and his brother Charles ran the company that their father Fred Koch (pronounced “coke”) founded in 1940. That also happened to be the same year that David was born.
On top of his business work, David Koch was also a political activist. He ran for vice president in 1980 as part of the Libertarian Party with Ed Clark. While Ronald Reagan beat Jimmy Carter in that election, it was the most votes ever for Libertarian candidates.
Koch received a prostate cancer diagnosis 27 years ago and beat it.
David Koch leaves behind his wife, Julia, and three children.