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81-564: Charles de Ganahl Koch ( / k oʊ k / KOHK ; born November 1, 1935) is an American billionaire businessman. As of February 2024, he was ranked as the 23rd richest man in the world on the Bloomberg Billionaires Index , with an estimated net worth of $ 64.9 billion. Koch has been co-owner, chairman, and chief executive officer of Koch Industries since 1967, while his late brother David Koch served as executive vice president. Charles and David each owned 42% of

162-559: A public relations firm which itself receives funding from Koch's Foundation, registered as $ 1.4 million between 2014 and 2019. Koch supported his brother's candidacy for vice president on the Libertarian Party ticket in 1980. After the bid, Koch told a reporter that conventional politics "tends to be a nasty, corrupting business ... I'm interested in advancing libertarian ideas". In addition to funding think tanks, Charles and David also support libertarian academics and Koch funds

243-500: A bitter legal and boardroom battle over the amount of dividends paid by the company, in a settlement, the stakes of William "Bill" Koch and Frederick R. Koch , who wanted the company to pay more dividends rather than reinvest in the business, were bought out for $ 620 million and $ 400 million, respectively, and Charles Koch and David Koch became majority owners in the company. In June 1985, William and Frederick sued their brothers claiming that they were underpaid for their stakes, but

324-457: A controlling interest. They then acquired Union's interest. The Pine Bend Refinery produced chemicals, fibers, polymers, asphalt and other commodities such as petroleum coke and sulfur. In 1970, Charles was joined at the family firm by his brother David Koch . Having started as a technical services manager, David became president of Koch Engineering in 1979. In 1979, the company acquired 780 dealerships from Chrysler . In June 1983, after

405-559: A crude oil-gathering system in Oklahoma, and some cattle ranches. In 1968, Charles approached Union Oil of California about buying its 40% interest in Great Northern Oil Company but the discussions quickly stalled after Union asked for a large premium. In 1969, Koch merged his interest with the 15% interest owned by J. Howard Marshall , then owning a combined 50% of the company, preventing Union from assembling

486-612: A division of Flint Hills, owns and operates 4,000 miles (6,400 km) of pipeline used to transport petroleum, natural gas liquids , and chemicals. Its pipelines are located in Wisconsin, Minnesota, Texas, Missouri, Iowa, Oklahoma, Louisiana, and Alberta, Canada. The firm has offices in Wichita, Kansas , St. Paul, Minnesota , Corpus Christi, Texas , and Port Arthur, Texas . In 1946, Wood River Oil Co. (a precursor company to Koch Industries) purchased Rock Island Oil and Refining Co. As

567-650: A group of local business leaders and WSU boosters that raised Marshall's annual salary from $ 1.85 million to $ 3 million and kept him at the school. The raise was seen as an unprecedented move for a school outside the Power Five conferences , and likely to make Marshall among the 10 highest-paid college basketball coaches. Through the Koch Cultural Trust, founded by Charles wife, Elizabeth, the Koch family has provided financial support to promising artists in

648-571: A member of the Beta Theta Pi fraternity. He received a Bachelor of Science (B.S.) in general engineering in 1957, a Master of Science (M.S.) in nuclear engineering in 1958, and a second M.S. in chemical engineering in 1959. His focus was on ways to refine oil. After college, Koch started work at Arthur D. Little, Inc. In 1961 he moved back to Wichita to join his father's business, Rock Island Oil & Refining Company (now known as Koch Industries ). In 1967, he became president of

729-736: A part of the transaction, it acquired a crude-oil pipeline in Oklahoma. As a result of construction and investments, Wood River acquired other pipelines in the US and Canada. In 1992, it acquired United Gas Pipeline Co., owner of 9,271 miles of pipelines. It owns the largest interest in the Colonial Pipeline . Georgia-Pacific (Georgia-Pacific LLC, aka: "GP") is one of America's largest forest products companies, specializing in pulp and paper and building materials (largely made from GP's own timber ), based in Atlanta , Georgia . GP

810-564: A principal supporter. He has been on the board of IHS since 1966. Since the 1980s, IHS has been increasingly interested in aiding the careers of aspiring educators, journalists, and policy professionals with an interest in classical liberal thought. Among other projects, the IHS runs the Charles G. Koch Summer Fellow Program, which "has supported more than 900 students during eight-week internships at public policy organizations, both in D.C. and around

891-428: A variety of fields. More than $ 1.7 million in grants have been awarded to programs and individuals with Kansas roots. Koch has been married to his wife Liz since 1972. He has two children, Chase Koch and Elizabeth Koch . Charles and his three brothers have all suffered from prostate cancer . Koch "rarely grants media interviews and prefers to keep a low profile". Time magazine included Charles and David Koch among

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972-531: A writer. In an interview with Warren Cassell Jr., which was recorded in February 2016, Koch stated that as a child he did not live a privileged lifestyle despite growing up in a wealthy family. Koch said, "My father wanted me to work as if I was the poorest person in the world." After attending several private high schools, Koch was educated at the Massachusetts Institute of Technology . He is

1053-406: Is irreligious . Koch has received various awards and honors, including: Bloomberg Billionaires Index The rankings are updated only on every trading day after the closing bell of every trading day based on New York's time . Bloomberg Billionaires Index is a daily ranking of the world's billionaires published by Bloomberg News since March 2012. It tracks the 500 wealthiest people in

1134-462: Is "actively funding efforts to end federal marijuana prohibition ." In an April 2011 Wall Street Journal op-ed, Koch wrote: Government spending on business only aggravates the problem. Too many businesses have successfully lobbied for special favors and treatment by seeking mandates for their products, subsidies (in the form of cash payments from the government), and regulations and tariffs to keep more efficient competitors at bay. Crony capitalism

1215-783: Is a polymer and fibers company that makes "Stainmaster" carpet products, amongst many others. When the $ 4.4 billion deal was announced in 2003, Koch planned to make Invista a part of KoSa, its polyester business, which Koch became owner of as of November 14, 2001, after buying the 50 percent stake owned by IMASAB S.A. of Mexico. The "Lycra" fiber brand was sold to Shandong Ruyi Investment Holding in 2019. Koch Ag & Energy Solutions, LLC and its subsidiaries, including Koch Fertilizer, LLC, Koch Agronomic Services, LLC, Koch Energy Services, LLC and Koch Methanol, LLC, globally provide products including fertilizer and other plant nutrients for agricultural turf and ornamental plant markets, as well as other enhanced efficiency products and technology for

1296-558: Is a refining and chemicals company based in Wichita, Kansas . It sells gasoline, diesel, jet fuel, ethanol, polymers, intermediate chemicals, base oils and asphalt. It operates oil refineries in six states and chemical plants in Illinois, Texas and Michigan. The firm also manufactures asphalt used for paving and roofing applications at 13 asphalt terminals in six states including Alaska (2 terminals), Wisconsin (2), Iowa (3), Minnesota (4), Nebraska (1), and North Dakota (1). The firm manages

1377-585: Is an industrial manufacturer of glass , automotive, and building products based in Auburn Hills , Michigan . The company manufactures float glass, and fabricated glass products for commercial, residential and automotive applications. The company employs more than 18,000 people and has present activities in North and South America, Europe, Asia, Africa and the Middle East. Acquired from DuPont , Invista

1458-452: Is business welfare and entitlements." In an April 2014 Wall Street Journal op-ed, Koch wrote, "the fundamental concepts of dignity, respect, equality before the law and personal freedom are under attack by the nation's own government." He criticized the Obama administration , saying that its "central belief and fatal conceit" is that people are not capable of running their own lives. "This is

1539-419: Is much easier than competing in an open market. But it erodes our overall standard of living and stifles entrepreneurs by rewarding the politically favored rather than those who provide what consumers want. His opposition to corporate welfare includes lobbying for the end to ethanol subsidies even though Koch Industries is a major ethanol producer. He is quoted as saying: "The first thing we've got to get rid of

1620-684: Is one of the America's largest manufacturers and distributors of tissue , pulp , paper , toilet and paper towel dispensers, packaging, building products and related chemicals , and other forest products. GP manufactures a wide variety of household products under the brand names Brawny, Angel Soft, Mardi Gras, Quilted Northern, Dixie, Sparkle, and Vanity Fair. The Atlanta-based company has operations in 27 states. In 2005, after having already acquired parts of GP, Koch Industries began full acquisition of GP, which has since been an independently operated and managed Koch subsidiary. Guardian Industries

1701-693: Is organized in and interpreted through five dimensions: vision, virtue and talents, decision rights, incentives, and knowledge processes." In the book, Koch attempts to apply Friedrich Hayek 's spontaneous order theory and Austrian entrepreneurial theory , such as that of Mises and Israel Kirzner , to organizational management. Koch funds and supports libertarian and free-enterprise policy and advocacy organizations. Two works that have been especially influential upon Koch's philosophy are Ludwig Von Mises' Human Action and F. A. Harper 's Why Wages Rise . After reading Harper's book, Koch became involved with Harper's Institute for Humane Studies , of which he became

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1782-770: Is the second-largest privately held company in the United States, after Cargill . 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 . Koch owns Flint Hills Resources, Georgia-Pacific , Guardian Industries , Infor , Invista , KBX, Koch Ag & Energy Solutions, Koch Engineered Solutions, Koch Investments Group, Koch Minerals & Trading, and Molex . The firm employs 122,000 people in 60 countries, with about half of its business in

1863-888: Is to minimize the role of government and to maximize the role of private economy and to maximize personal freedoms." He has expressed concern about too much government regulation in the U.S., stating that "we could be facing the greatest loss of liberty and prosperity since the 1930s." In addition, he has warned that drastic government overspending and a decline of the free enterprise system will prove detrimental to long-term social and economic prosperity. According to Stephen Moore , influences on Koch include Alexis de Tocqueville , Adam Smith , Michael Polanyi , Joseph Schumpeter , Julian Simon , Paul Johnson , Thomas Sowell , Charles Murray , Leonard Read , and F. A. Harper . The presidents he most admires include George Washington , Grover Cleveland , and Calvin Coolidge . In an interview with

1944-542: The American Journal of Business , Koch said he owes "a huge debt of gratitude to the giants who created the Austrian School [of economics]. They developed principles that enabled me to gain an understanding of how the world works, and these ideas were a catalyst in the development of Market-Based Management." In particular, he expresses admiration for Ludwig von Mises ' book Human Action , as well as

2025-830: The Bill of Rights Institute , a non-profit group that educates teachers, students, and others about the Bill of Rights . He has also given to the Youth Entrepreneurs , an organization that teaches business skills to at-risk youth in Kansas schools. Koch acknowledges anthropogenic climate change , but opposes top-down government regulation as a solution. Rather, he favors bottom-up technological innovation from private entities, saying they can lower emissions while improving efficiency and lowering costs. He has heavily funded organizations and politicians who oppose environmental regulations . A leaked 2012 fundraising plan indicated that

2106-846: The Cato Institute , the Institute for Humane Studies and the Mercatus Center at George Mason University , the Bill of Rights Institute , and the Market-Based Management Institute . He is a member of the Mont Pelerin Society . Charles Koch describes himself as a classical liberal and has formerly identified as a libertarian . He is opposed to corporate welfare and told the National Journal that his "overall concept

2187-794: The Charles G. Koch Charitable Foundation contributed $ 25,000 in 2011 to the Heartland Institute , an American conservative and libertarian public policy think tank. Koch has also supported the Berkeley Earth Surface Temperature project, a scientific effort to compile an open database of the Earth's surface temperature records . The Pacific Legal Foundation , funded by Koch, has litigated against increased environmental regulation. The American Enterprise Institute received $ 2.1 million over two decades from

2268-621: The Coalition for Public Safety , and the MacArthur Foundation , Koch believes the current system has unfairly targeted low-income and minority communities all while wasting substantial government resources. In February 2016, Koch penned an opinion piece in The Washington Post , where he said he agreed with presidential candidate Bernie Sanders about the unfairness of corporate welfare and mass incarceration in

2349-689: The Environmental Protection Agency to regulate carbon emissions. The Republican Trump administration adopted environmental policies similar to those advocated for by Koch-funded groups. Koch has backed the Competitive Enterprise Institute and the CO2 Coalition , both of which also supported former President Donald Trump ’s 2017 withdrawal from the Paris climate agreement. In 2022, Koch

2430-469: The Patient Protection and Affordable Care Act , for providing health insurance to retirees too young to be eligible for Medicare . In 2013, the company acquired Molex , a provider of electronic components, for $ 7.2 billion. In September 2014, along with the private equity arm of Goldman Sachs , the company acquired Flint Group , a printing ink producer, for $ 3 billion. In June 2014,

2511-668: The Republican Party and candidates, libertarian groups, and various charitable and cultural institutions. He co-founded the Washington, D.C.–based Cato Institute . Along with his brother, Koch has been an important funder of think tanks that lobby to oppose environmental regulation . Koch has published four books detailing his business philosophy, Market Based Management (2006), The Science of Success (2007), Good Profit (2015), and Believe in People (2020). Koch

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2592-761: The United Negro College Fund announced a $ 25 million grant from Koch Industries and the Charles Koch Foundation to go towards merit-based scholarships and general support of historically black colleges and universities . In December 2014, the company acquired Oplink Communications , an optical networking device maker, for $ 445 million. In 2015, the company joined the " Ban the Box " movement by removing questions about prior criminal convictions from its job application, making it easier for ex-offenders to find work. In November 2015,

2673-457: The " political class ." He believes billionaires Warren Buffett and George Soros , who fund organizations with different ideologies, "simply haven't been sufficiently exposed to the ideas of liberty." Koch claimed "prosperity is under attack" by the Obama administration and sought to warn "of policies that threaten to erode our economic freedom and transfer vast sums of money to the state." Koch supports cannabis legalization . As of 2021, Koch

2754-631: The 2010 Lone Star Land Steward Award. The company also owns ranches in Kansas and Texas that are being marketed for sale. In March 2023, Koch Industries announced a leadership restructuring wherein Charles Koch will remain chairman and serve as co-CEO alongside Dave Robertson, who will serve as vice chairman of the board. Jim Hannan was named President and COO. Chase Koch and Richard Dinkel were both named executive Vice President while maintaining their other roles. In addition, Ray Geoffroy and Mark Luetters were named senior vice presidents. In 2024,

2835-484: The Charles G. Koch Summer Fellow Program through the Institute for Humane Studies which recruits and mentors young libertarians. Koch also organizes twice yearly meetings of Republican donors. Koch supported the Tea Party movement . "The way it's grown, the passion, and the intensity, was beyond what I had anticipated," he told an interviewer. He funded groups opposed to Barack Obama's administration. In 2011, Koch

2916-553: The Charles Koch Foundation announced the foundation of anti-war think tank Quincy Institute for Responsible Statecraft , cosponsored by George Soros' Open Society Foundations . He is a board member at the Mercatus Center , a market-oriented research think tank at George Mason University . Koch's philanthropic activities have focused on research, policy, and educational projects intended to advance free-market views. He has underwritten scholarships and financed

2997-596: The Charles Koch Foundation for its climate change denialist activities. Together with ExxonMobil 's, Koch's wealth was also supplied to the Independent Institute , another think-tank known for lobby in favor of climate change denial. Koch has also given money to the American Institute for Economic Research , a right-wing libertarian think tank which also lobbies against climate science. Koch-backed Americans for Prosperity has fought efforts by

3078-510: The Koch family foundation donated $ 11.25 million to the university, the largest one-time gift in school history, with $ 4.5 million of that going toward a plan to renovate the arena and expand the athletic program's academic support center. Several months later, when men's basketball head coach Gregg Marshall was considering an offer to become head coach at the University of Alabama , Koch led

3159-681: The Koch family, supported the American war effort against Adolf Hitler and his government. In 1940, Koch joined new partners to create the Wood River Oil and Refining Company. In 1946, the firm acquired the Rock Island refinery and crude oil gathering system near Duncan, Oklahoma . Wood River was later renamed the Rock Island Oil & Refining Company. Charles Koch joined Rock Island in 1961, having started his career at

3240-648: The U.S. It also operates 4 fuel terminals in Wisconsin, 6 in Texas, and one each in Iowa and Minnesota. In 1981, it acquired a petroleum refinery in Corpus Christi, Texas , from Sunoco for $ 265 million. In 1994, it acquired a 104,000 b/d petroleum refinery in Corpus Christi, Texas , from Kerr-McGee . On July 16, 2014, Flint Hills Resources acquired PetroLogistics, a Houston-based manufacturer of chemical and polymer grade propylene. Koch Pipeline Company LP,

3321-525: The USSR to be "a land of hunger, misery, and terror." According to Charles Koch, "Virtually every engineer he worked with [there] was purged." In the 1930s Winkler-Koch built refineries in nine different countries across hundreds of projects. In 1933 when several American companies were doing business in Germany, in a joint venture with William Rhodes Davis , Koch assisted in the design and construction of

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3402-437: The United States . In 2020, Koch's Koch Industries donated $ 2.8 million to Republican Party causes through a political action committee . Koch Industries donated $ 221,000 to Democratic Party causes. On November 13, 2020, reports in several media published statements made during an interview with The Wall Street Journal by Koch about his regret that he had contributed significantly to the development of hyper-partisanship in

3483-513: The United States. The company was founded by its namesake, Fred C. Koch , in 1940 after he developed an innovative crude oil refining process. Fred C. Koch died in 1967 and his majority interest in the company was split amongst his four sons. In June 1983, after a bitter legal and boardroom battle over the amount of dividends paid by the company, the stakes of Frederick R. Koch and William "Bill" Koch were bought out for $ 1.1 billion and Charles Koch and David Koch became majority owners in

3564-619: The United States. Koch added that he intended to work with Democrats , moderate Republicans, and liberals to facilitate bipartisanship . In 2002, Koch Industries donated $ 6 million to renovate the Wichita State University basketball arena. The gift was given in honor of Koch, and the arena was subsequently renamed the Charles Koch Arena . Koch has continued to be a major donor to both the university and its athletic program . In December 2014, Koch Industries and

3645-483: The business, which was then a medium-sized oil firm. In the same year, he renamed the firm Koch Industries in honor of his father. Charles's brothers Frederick and Bill had inherited stock in Koch Industries. In June 1983, after a legal and boardroom battle, the stakes of Frederick and Bill were bought out for $ 1.1 billion and Charles and his younger brother David became majority owners in the company. Despite

3726-413: The companies in closely-held assets around the world." Some of the billionaires the index has uncovered includes JPMorgan Chase chairman Jamie Dimon , In-N-Out Burger president Lynsi Torres , Ferrari Motors heir Piero Ferrari and the chairman of BIEL Crystal Manufactory Yeung Kin-Man . While reporting on hidden billionaires, the index provides coverage of and attempts to put in perspective

3807-582: The company "signed a Statement of Support with Employer Support of the Guard and Reserve (ESGR) that pledges Koch will provide supervisors with the tools to hire and support employees serving in the National Guard of the United States ." From 2017 to 2021, the company was featured in the Forbes' list of America's Best Employers by State. In November 2017, Koch Disruptive Technologies was established,

3888-832: The company announced a name change to Koch, Inc. to reflect its broadening scope. Koch invested $ 2 billion in Infor , which focuses on cloud computing , in November 2016, another $ 1.5 billion in January 2019, and acquired the remainder of the company in April 2020 in a $ 13 billion transaction. Arteva Europe is an "internal bank" which is headquartered in Luxembourg and manages the European cash flows of Koch Industries. Flint Hills Resources LP, originally called Koch Petroleum Group,

3969-557: The company has used its freedom from the pressures of public markets to make long-term investments and concentrate on growth. In 1925, Fred C. Koch joined MIT classmate Lewis E. Winkler at an engineering firm in Wichita, Kansas, which was renamed the Winkler-Koch Engineering Company. In 1927, they developed a more efficient thermal cracking process for turning crude oil into gasoline. This process, which

4050-579: The company sold to many independent refineries in the United States, threatened the competitive advantage of established oil companies, which sued for patent infringement. Temporarily forced out of business in the United States, they turned to other markets, including the Soviet Union , where Winkler-Koch built 15 cracking units between 1929 and 1932. During this time, Koch came to despise communism and Joseph Stalin 's regime. In his 1960 book, A Business Man Looks at Communism , Koch wrote that he found

4131-492: The company to go on leave and never returned." Egorova-Farines sued Koch-Glitsch for wrongful termination in France , lost, and "was ordered to pay costs for bringing a frivolous case". In 2010, the company was among the first group of nearly 2,000 employers that applied for and were granted federal reimbursements from the U.S. Department of Health and Human Services , under the new Early Retiree Reinsurance Program established by

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4212-427: The company. Charles owns 42% of the company; trusts for the benefit of Elaine Tettemer Marshall (the daughter in-law of J. Howard Marshall ) and Elaine's children, Preston Marshall and E. Pierce Marshall Jr., own 16% of the company. David Koch died on August 23, 2019, and his heirs own the remaining 42% balance of the corporation. Charles Koch has stated that the company would go public "over my dead body" and that

4293-525: The conglomerate. The brothers inherited the business from their father, Fred C. Koch , then expanded the business. Koch Industries is the largest privately held company by revenue in the United States, according to Forbes. Koch also supports a number of libertarian think tanks , including the Institute for Humane Studies , the Cato Institute , the Ayn Rand Institute , and the Mercatus Center at George Mason University . He also contributes to

4374-543: The corporation's venture arm, led by Chase Koch , son of Charles Koch. In July 2019, the company sold its leases in the Athabasca oil sands . In December 2021, Rupert Murdoch and his wife, Jerry Hall , acquired a 340,000 acres (1,400 km ) ranch in Beaverhead County, Montana , from Matador Cattle Company, a subsidiary of the company, for $ 200 million. Matador was formed in 1951 by Fred Koch. It won

4455-496: The country." In addition, almost 200 institutions of higher education in the U.S. are funded by the Charles G. Koch Foundation . What all the Koch-funded programs have in common is an interest in studying free societies with an eye to understanding the mechanisms behind the assumption that economic freedom benefits humanity. In 1977 he co-founded the Cato Institute with Edward H. Crane and Murray Rothbard . In 2008, Koch

4536-506: The criminal justice system. For roughly a decade Koch has been advocating for several reforms within the prison system, including the reduction of recidivist criminals, easing the employment process for rehabilitated persons, and the defense of private property from asset forfeiture . Aligning with groups such as the ACLU , the Center for American Progress , Families Against Mandatory Minimums ,

4617-479: The detailed methodology used for the index is more transparent than the "somewhat vaguer" calculation behind other lists. "The Bloomberg listers say their estimates may be more accurate than the competition's because they have better data and reporting (from Bloomberg terminals and its reporting staff)." The full index is available online on the Bloomberg Terminal for free. There are tools to compare

4698-474: The energy and chemical markets. Koch Fertilizer, LLC, is one of the world's largest makers of nitrogen fertilizers. Koch Fertilizer owns or has interests in fertilizer plants in the United States, Canada, Trinidad and Tobago, Venezuela, and Italy, among others. Koch Fertilizer was formed in 1988 when the Koch companies purchased the Gulf Central Pipeline and ammonia terminals connected to

4779-463: The essence of big government and collectivism," he wrote. He cited the "current health care debacle" as an example of disastrous government control. He complained that he had been the victim of "character assassination." Koch's business philosophy, "market-based management" (MBM), is described in his 2007 book The Science of Success . In an interview with the Wichita Eagle , he said that he

4860-487: The fortunes of multiple billionaires, track the billionaires whose assets change the most, and analyze the one-year performance of individual billionaires or billionaires grouped by industry, region or nation. Each billionaire's profile includes explanations of asset valuations and more details about each fortune. Koch Industries Koch, Inc. ( / k oʊ k / KOHK ) is an American multinational conglomerate corporation based in Wichita, Kansas , and

4941-415: The four employees involved were terminated. According to journalist Jennifer Rubin , Koch Industries' general counsel stated that Egorova-Farines failed to promptly share the findings, choosing instead to give the information to a manager at Koch-Glitsch who was later fired for bribery. According to Koch Industries' general counsel, "Egorova-Farines was not fired but instead ran into performance problems, left

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5022-419: The index relies on a mixture of public and private data, tracking stock prices and publicly disclosed holdings as well as calculated values for private companies using derived or reported information that is valued using live comparisons to public competitors. The valuations are converted to U.S. dollars at current exchange rates and do not include assumptions about personal debt. Journalists have noted that

5103-553: The management consulting firm Arthur D. Little . He became president in 1966 and chairman at age 32, upon his father's death the following year. Wood River Oil and Refining Company was renamed Koch Industries in 1968 in honor of Fred Koch, the year after his death. At that time, it was primarily an engineering firm with a 35% interest in Great Northern Oil Company, which owned the Pine Bend Refinery in Minnesota,

5184-522: The most influential people of 2011. According to the magazine, the list includes "activists, reformers and researchers, heads of state and captains of industry." The article describes the brothers' commitment to free-market principles, the growth and development of their business, and their support for Tea Party organizations and political candidates. Koch lives in Wichita, Kansas, and has homes in Indian Wells, California , and Aspen, Colorado . Koch

5265-426: The office (and then spent more time working at home), weekends, and expected executives at Koch Industries to work weekends as well. Koch has been a director of INTRUST Financial Corp. since 1982 and director of Koch Industries Inc. since 1982. He is director of resin and fiber company Invista and director of Georgia-Pacific LLC, paper and pulp products. Koch founded or helped found several organizations, including

5346-642: The pipeline. The next year, the Koch Nitrogen Company was formed in order to market ammonia. The next few years saw purchases of various ammonia facilities in Louisiana, Canada, and elsewhere, and ammonia sales agreements with firms in Australia, the UK, and other countries. The year 2010 saw the founding of Koch Methanol, LLC, and Koch Agronomic Services, LLC. In October 2010, a plant in which Koch had

5427-437: The purchasing of domestic crude oil from Texas and Colorado offices, has five ethanol plants across Iowa and one in Nebraska, has a refinery terminal in Alaska, and operates refineries in Alaska, Texas, and Minnesota. The Pine Bend Refinery in Minnesota can process 392,000 barrels (62,300 m ) of crude oil per day, most of which comes from Alberta , Canada . It handles one quarter of all Canadian oil sands crude entering

5508-503: The research of economists such as James Buchanan and Friedrich Hayek. He has also "supported efforts to inspire at-risk young people to consider entrepreneurship, 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." Koch has given money to support public policy research focused on "developing voluntary, market-based solutions to social problems." He has given to

5589-429: The settlement, legal disputes continued until May 2001, when CBS News reported that Koch Industries settled for $ 25 million. In 2006, Koch Industries generated $ 90 billion in revenue, a growth of 2000 times over, which represents an annual compounded return of 18%. As of 2014, Koch was worth approximately US$ 41.3 billion (in 2013 $ 36 billion) according to the Forbes 400 list. Koch would routinely work 12-hour days at

5670-640: The suit was dismissed for lack of merit. In September 2001, the company acquired KoSa. This company is considered the largest producer of polyester in the world. In 2005, the company acquired Georgia-Pacific , one of the world's largest timber , forest products and paper companies. In 2008, the company discovered that the French affiliate Koch-Glitsch had violated bribery laws allegedly securing contracts in Algeria , Egypt , India , Morocco , Nigeria and Saudi Arabia after an investigation by Ethics Compliance officer, Egorova-Farines. After Koch Industries' investigative team looked into her findings,

5751-410: The third-largest oil refinery in Germany at the time. It was also one of the few refineries capable of refining fuel for airplanes, and was later a strategic bombing target for Allied forces when World War II broke out. The project was stalled for some time as Davis sought approval, which was granted by the Nazi government. The war commenced six years after the refinery was completed. Koch’s business, and

5832-452: The wealth of the world's richest people, such as the former Queen Elizabeth II and U.S. President-elect Donald Trump . The index offers a dynamic look at the wealth controlled by the world's richest people while trying to offer a new perspective on how the media views and tracks the movement of that wealth. The index "is built to change daily depending on stock fluctuations and economic/company news." To calculate individuals' wealth,

5913-566: The wealthiest person in the world. On May 31, 2023, Elon Musk once again became the wealthiest man on Earth as Tesla's share price rose, while the share price of LVMH, which influenced Bernard Arnault's wealth, fell due to a decline in LVMH's sales. The Index reports on hidden wealth and has uncovered more than 400 hidden billionaires since its founding. Bloomberg Billionaires founding editor Matthew Miller said in 2013 that hidden billionaires are identified by "making sure that we have accounted for all

5994-574: The world. The ranking was designed to provide a more transparent and accountable presentation of the world's biggest personal fortunes. At first, the index only tracked the 20 richest people in the world, and then expanded to 100, 200, 400 and later 500 in October 2016. At its launch in 2012, Mexican telecommunications tycoon Carlos Slim was in the top spot, with an estimated $ 65.8 billion net worth. Beginning in May 2013, Microsoft co-founder Bill Gates

6075-410: The writings of Friedrich Hayek . Koch said "the short-term infatuation with quarterly earnings on Wall Street restricts the earnings potential of Fortune 500 publicly traded firms." He also considers public firms to be "feeding grounds for lawyers and lawsuits," with regulations like Sarbanes–Oxley only increasing the earnings potential of privately held companies. Koch disdains " big government " and

6156-552: Was awarded the William E. Simon Prize for Philanthropic Leadership . The award honors "the ideals and principles which guided William E. Simon 's giving, including personal responsibility, resourcefulness, volunteerism, scholarship, individual freedom, faith in God, and helping people to help themselves." In July 2015 Charles Koch and his brother were praised by President Obama and Anthony Van Jones for their bipartisan efforts to reform

6237-574: Was born and lives in Wichita, Kansas , one of four sons of Clementine Mary (née Robinson) and Fred Chase Koch . Koch's grandfather, Harry Koch , was a Dutch immigrant who settled in West Texas, founded the Quanah Tribune-Chief newspaper, and was a founding shareholder of Quanah, Acme and Pacific Railway . Among his maternal great-great-grandparents were William Ingraham Kip , an Episcopal bishop, and Elizabeth Clementine Stedman ,

6318-471: Was included in Businessweek ' s list of top 50 American givers. Between 2004 and 2008, Koch gave $ 246 million, focusing on "libertarian causes, giving money for academic and public policy research and social welfare." Koch was awarded an Honorary Doctorate from George Mason University in recognition of his financial support "through scholarships, faculty recruitment, and research grants". In June 2019,

6399-513: Was motivated to write the book by Koch Industries' 2004 acquisition of Invista so he could give new employees a "comprehensive picture" of MBM. According to the website of the Market-Based Management Institute, which Koch founded in 2005, MBM is "based on rules of just conduct, economic thinking, and sound mental models", harnessing the dispersed knowledge of employees just as markets harness knowledge in society. "It

6480-631: Was named one of the US' top 'climate villains' by The Guardian .  As of 2023, his company has received awards from the EPA for three consecutive years. Koch has also given money to the American Institute for Economic Research, the right-wing libertarian think tank which sponsored the Great Barrington Declaration . His Charles Koch Foundation gave $ 68,100 in 2018. The declaration's sponsor employed Emergent Order ,

6561-447: Was the world's top billionaire. Amazon CEO Jeff Bezos and Spanish fashion retailer Amancio Ortega both saw a large increase in their respective net worths during 2016 and 2017 and challenged Gates for the number one spot. Bezos eventually surpassed him in 2018 and by 2021 was surpassed furthermore by Elon Musk, who was considered the richest person on Earth until mid-December 2022 when Tesla's share price fell and Bernard Arnault became

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