Charles Koch Is The World's 22nd Richest Man; What Is His Net Worth?
|Net Worth||$60 billion|
|DOB||Nov 1, 1935|
|Profession||Businessperson, industrialist, philanthropist|
What Is Charles Koch's Net Worth?
Charles Koch, an American businessman, has a substantial net worth of $60 billion. He is the 22nd richest man in the world. In 1967, at the age of 32, Charles assumed the role of CEO at Koch Industries following his father's death.
Charles Koch's Sources of Income
Koch Industries generates an annual revenue exceeding $115 billion, making it the second-largest privately held company by revenue in the United States. Charles maintains a 42% ownership stake in Koch Industries and has diversified his investments across various companies, including Georgia-Pacific, Invista, Flint Hills Resources, Koch Fertilizer, Koch Pipelines, Molex, and more. In addition to roughly $2 billion in cash investments, he also holds an interest in his family's private equity fund, Koch Equity Development. Charles has penned three books on his business philosophy: "Good Profit," "The Science of Success," and "Market Based Management."
In 1961, Charles began working for his father at Rock Island Oil & Refining Company in his hometown of Wichita. He rose to the position of company president in 1966. In 1967, following the passing of his father Fred Koch, Charles became the CEO and renamed the company Koch Industries. While his brothers Bill and Frederick initially held shares in Koch Industries, Charles and his brother David ultimately bought their stakes for $1.1 billion in 1983.
Koch Industries achieved remarkable financial success, generating a staggering $90 billion in revenue by 2006. In 2014, Charles' net worth exceeded $40 billion. Known for his strong work ethic, the business mogul dedicated long hours to the office. He held high expectations for Koch Industries executives to follow suit.
Expansion & Directorship
From oil refining, Koch Industries expanded into various other industries, including pollution control equipment, polymers, fibers, ranching, and more. The company is responsible for popular brands such as Quilted Northern, Lycra, Dixie Cup, and Stainmaster.
Charles has served as a director of Koch Industries and INTRUST Financial Corp since 1982 and held similar positions at Invista and Georgia-Pacific LLC. He founded the Market-Based Management Institute and the Bill of Rights Institute. He is also a member of the Mont Pelerin Society, a neoliberal organization.
Charles backs conservative educational organizations like the Institute for Humane Studies and the Mercatus Center at George Mason University. He donates to the Republican Party, libertarian groups, charities, and cultural institutions. Charles co-founded the Cato Institute, a libertarian think tank in D.C. He supports artistic projects through the Koch Cultural Trust, founded by Liz. Between 2004 and 2008, he donated $246 million to libertarian causes, landing him on Businessweek's 2008 list of the 50 Top American Givers.
Charles owns multiple residences, with his primary residence in Wichita, adjacent to the Wichita Country Club. He also owns houses in Aspen and Vail, Colorado. In 1999, he acquired a 7,500-square-foot residence in California for $10 million. In 2018, he spent $3.25 million for the neighboring property.
Charles wed Liz in 1972, and they had a daughter in 1976, followed by a son in 1977. Chase is considered the heir-apparent in the third generation of Kochs. All four Koch brothers experienced prostate cancer, and one of them passed away after a long battle with the disease spanning nearly three decades.
Is Charles Koch a billionaire?
As of November 2023, he was ranked as the 22nd richest man in the world on the Bloomberg Billionaires Index.
What is Koch Industries known for?
Koch Industries and its subsidiaries are involved in the manufacturing, refining, and distribution of petroleum, chemicals, energy, fiber, intermediates and polymers, minerals, fertilizer, pulp and paper, chemical technology equipment, cloud computing, finance, raw materials trading, and investments.
More from MARKETREALIST