| Net Worth: | $58 Billion |
|---|---|
| Born: | May 3, 1940 |
| Died: | August 23, 2019 |
| Country of Origin: | United States of America |
| Source of Wealth: | Entrepreneur |
| Last Updated: | July 3, 2022 |
Introduction
David Hamilton Koch was an American businessman, best known for being the co-owner of Koch Industries.
At his time of passing, David Koch’s net worth was roughly $58 Billion, making him one of the richest entrepreneurs in the world, alongside his brother Charles Koch.
Early Life
David Hamilton Koch was born on the 3rd of May, 1940, in Wichita, Kansas. His father was a chemical engineer cum businessman who founded the Koch Industries the same year David was born. David has three brothers: Frederick, Charles, and William.
Koch attended the Deerfield Academy prep school in Massachusetts, graduating in 1959.
Career
After Koch completed his education, he embarked on an engineering career and worked as a research and process design engineer at several consulting firms over the next years. Some of the companies he worked for in the 1960s was Arthur D. Little, the Amicon Corporation, Halco International, and the Scientific Design Company.
Koch joined the family business, Koch Industries, in 1970. He went on to found the company’s New York office and by 1979 had become the president of his own division Koch Engineering.
He began to developed an interest in politics and became the Libertarian Vice-Presidential candidate in the U.S presidential election in 1980.
Koch is a Republican, and in 1984, he and his brother, established Citizens for a Sound Economy (CSE), a conservative political group operating in the United States.
He was diagnosed with prostate cancer in 1992, cancer recurred numerous times. His cancer experience, motivated him to fund medical research.
At his time of death, David Koch’s net worth is $58 Billion.
Highlights
Here are some of the best highlights of David Koch’s career:
- Koch Industries
- President of Koch Engineering (1979)
Favorite Quotes from David Koch
“The way I look at it is, cancer research is absolutely nonpartisan.” – David Koch
“I contribute to public candidate campaigns, and there’s a federal limit on how much you can contribute to each individual candidate. I obey the law in that regard, and I feel like I’m doing it properly.” – David Koch
“When I was a bachelor with a different girl on my arm every week, people didn’t think I was quite legitimate.” – David Koch
“The only dancing I did was at the discotheques. I was a very good disco dancer. I say that I learned disco dancing at the wrong places.” – David Koch
“Federal Police have helped Malaysian authorities to stop 34 Sri Lankans and Indians boarding a boat to Australia. Three members of a people-smuggling syndicate were also arrested. What’s your intelligence showing? Are we seeing increased activity by people smugglers in Asia focusing on Australia again.” – David Koch
“I think, though, players need to understand community standards, too, in terms of the psychological war games that go on during a football match. Maybe the old fashioned sledding and some of the terms that we use need to get back into community standards. I think that’s a reminder and a good thing for players.” – David Koch
3 Lessons from David Koch for Entrepreneurs
Let’s take a look at some of the best leadership lessons we can learn from him:
1. You Don’t Need a Fancy Address to Build a Massive Company
I see it a lot in the world of finance: entrepreneurs starting a venture capital firm feel they won’t get the respect they deserve if they aren’t headquartered in Toronto or New York. Oil & gas entrepreneurs often feel they have to be headquartered in Houston or Calgary, and tech companies Silicon Valley.
2. Going Into Business with Family Can Strain Relationships
I’m a staunch supporter of going into business with family or friends. You have to trust your business partners implicitly.
3. Never Give Up On Your Dreams
Often misrepresented by the mainstream media, there is much we can learn from the Koch brothers. Building one of the world’s largest private companies in Koch Industries wouldn’t have been possible without the entrepreneurial acumen of these men.
Summary
David Koch was a very successful businessman and political activist. He became president of the Koch Engineering in 1970 and became a co-owner of Koch Industries, with his older brother Charles.
At his time of death, David Koch’s net worth was estimated to be $58 Billion. Alongside his brother Charles, they were considered to be two of the richest brothers in the world, without question.
