David Koch is one of the richest people in the world with a net worth of $50 million. Born on May 3, 1940, this 74 year old entrepreneur joined the family business Koch Industries, in 1970. He becomes the co-owner of the company along with his brother, Charles, in 1983. Koch Industries is the second largest privately-held company in the United States.
David was the executive vice-president of the company till his retirement in 2018; he had to opt out due to health issues. On quitting, he was honored with ‘Director Emeritus’ which is given to exceptional leaders, when they retire.
Koch ran for the Vice President of United States as a representative of the United States Libertarian Party in 1980. In 1984, along with his brother, he founded the ‘Citizens for a Sound Economy’ which is a political group consisting of citizens working for the greater good of the society, advocating free markets. Time and again, he has been called as one of the most low-profile philanthropists in the United States of America.
David was born in Wischita, Kansas to Mary and Fred Chase Koch. He studied at Deerfield Academy prep school in Massachusetts, before graduating with a master’s degree in chemical engineering from MIT (Massachusetts Institute of Technology).
Philanthropy
Koch, the survivor of the US Air Flight in 1991, is also the wealthiest resident of New York, and was hailed as the fourth richest person in US, according to the data put forth by 2012. He calls himself as a libertarian conservative and ran for the US presidential election in 1980.
Koch is a proponent of women’s rights, gay rights and stem cell research. He believes in individual liberty and free market economics, and has always stood up for reduced government spending.
The low-profile billionaire is known to contribute more than hundreds of million dollars for various charities including cancer hospitals, fertility clinics and even the American Museum of Natural History. The New York State Theater at Lincoln Center has been called David H. Koch Theater after he paid $100 million dollars for the renovation.
The David H Koch Charitable Foundation has paid more than $750 million to cancer research, charitable causes, educational and cultural and medical institutions.
The Chronicle of Philanthropy has heralded David Koch as one of the world’s best philanthropists. Koch, himself a prostate cancer patient, has funded $395 to medical research for cancer and allied fields.
Board Member
David Koch is the board-member of the following institutes – Aspen Institute, Cato Institute, Reason Foundation, Americans For Prosperity Foundation, WGBH, Massachusetts Institute of Technology, Americans for Prosperity, Smithsonian National Museum of Natural History, Metropolitan Museum of Art, American Ballet Theatre, Lincoln Center for the Performing Arts, Deerfield Academy, New York-Presbyterian Hospital, Memorial Sloan-Kettering Cancer Center, American Museum of Natural History
Wife and children
He is married to Julia M Flesher and has three children, David Koch Jr., Mary Julia and John Mark.
David Koch on how he chooses a candidate
In an interview with Barbara Walters for the ’10 Most Fascinating People for 2014′, said that he looked out for fiscal policies of the candidate, he’d support. He added, “What I want these candidates to do is to support a balanced budget. I’m very worried that if the budget is not balanced that inflation could occur and the economy of our country could suffer terribly.”