Charles Koch is one of the richest people in the world with $46.6 billion net worth. He has been able to share his massive wealth to help others, especially charities and nonprofit organizations.
Koch is the chairman and chief executive officer of Koch Industries. The company started as an oil refinery business and was improved by his father Fred Koch. The family started running the business by 1940.
Charles used to run the company with his brother David, until the latter passed away in 2019. Now, as the head of the second largest private company in the U.S., he expanded Koch Industries to include polymers and fibers, minerals, fertilizers, commodity trading and services, forest and consumer products and ranching, among others, per Celebrity Net Worth.
The Wichita, Kansas native took over the company in 1967 after Fred Koch passed away. According to Bloomberg, the sibling rivalry nearly broke the company apart. Bill and Frederick Koch tried to unseat Charles as the CEO while David Koch sided with Charles. The matter was settled after Bill and Frederick sold their shares for $1.1 billion. However, after a few years, the two sued their older brothers claiming they were underpaid in the deal. In 2000, the courts favored Charles and David over the 15-year-long legal battle.
The 84-year-old billionaire added Georgia-Pacific in 2005 and founded the Cato Institute. Moreover, the company has diversified into Dixie cups and Stainmaster carpet. This just showed Koch’s dexterity when running a multibillion company like Koch Industries.
Koch has donated and extended help to nonprofit organizations in the past and continues to do so. He does not really believe in the total amount of help he gave but according to TIME, it already reached $1 billion. With $46.6 billion as his net worth, $1 billion seems a little change for the world’s number 18 on the wealthiest list but for the beneficiaries, it could change the lives of generations of people.
Aside from donating to schools and giving scholarships, Koch is focusing on groups that help recidivism, which could later improve the criminal justice system.
On the personal side, Koch is married and has two children. His son Chase leads the venture capital firm of Koch Industries and has invested in 3D printing startups, among others.