DEFINITION of 'David Koch'

Born in 1940 in Wichita, Kansas, where he grew up, David Koch is co-owner of Koch Industries with his older brother Charles. Forbes named David Koch one of the world’s wealthiest billionaires (tied with his brother) in 2014 with an estimated net worth of $41.4 billion. Like his brother, he owns 42% of the company, according to Bloomberg.

BREAKING DOWN 'David Koch'

Koch earned undergraduate and graduate degrees in chemical engineering from the Massachusetts Institute of Technology (MIT), to which he has since been a major donor. After graduation, he worked as an engineer for Amicon Corp. and later Arthur D. Little in Cambridge, Massachusetts, then moved to New York City to work for Halcon International. In 1970, he joined Koch Industries, a Wichita-based company that owns companies in refining, chemicals and biofuels; forest and consumer products; fertilizers; polymers and fibers; process and pollution control equipment and technologies; electronic components; commodity trading; minerals; energy; ranching; glass; and investments. He is currently executive vice president and director of Koch Industries and chairman and CEO of subsidiary Koch Chemical Technology Group.

The popular media often portray David Koch and his older brother, David Koch, as evil billionaires. However, Koch, his brother, their foundations and companies have together donated nearly $1 billion to charitable causes, especially cancer research, as well as medical centers, education, the arts and public policy. Koch serves on more than 20 boards of nonprofit organizations, including New York-Presbyterian Hospital, Memorial Sloan-Kettering Cancer Center and M. D. Anderson Cancer Center. He served on the National Cancer Advisory Board of the National Cancer Institute from 2005 to 2010 and has received a number of awards for his corporate leadership, support of biomedical research, philanthropy and corporate citizenship.

Koch has also been a director of the libertarian public policy organizations - the Cato Institute and Reason Foundation. He is also a trustee of the Aspen Institute, an educational and policy studies organization, and a director of the Prostate Cancer Foundation. He has survived both prostate cancer and a plane crash. Koch lives in New York City with wife Julia and their three children.

RELATED TERMS
  1. Charles Koch

    Charles Koch is the multibillionaire chairman and CEO of Koch ...
  2. Michael Bloomberg

    Michael Bloomberg is one of the wealthiest persons in the world ...
  3. Aspen Institute

    An international, non-profit think-tank based in Aspen, Colo., ...
  4. Dark Money

    Dark money refers to the funds donated to nonprofit organizations ...
  5. Private Foundation

    A charitable organization that, while serving a good cause, does ...
  6. Gifting Phase

    The stage in an investor's life where he or she seeks to use ...
Related Articles
  1. Insights

    The Koch Brothers: America's 2nd Wealthiest Family

    An overview of the history of Koch Industries, America's second-largest privately owned company, and how it made the Koch Brothers billions of dollars.
  2. Investing

    This Is What Charles Koch's Portfolio Looks Like (AAPL)

    Read about the business portfolio of Charles Koch, billionaire owner and chairman of Koch Industries and noted libertarian activist.
  3. Insights

    Charles Koch Biography

    Charles de Ganahl Koch is the CEO and co-owner of Koch Industries, an oil and industrial conglomerate that ranks as one of the largest privately held companies in America.
  4. Investing

    Top 6 Companies Owned by the Koch Brothers

    Read about the Koch brothers' most important companies, and discover how they have contributed to the fortunes of two of the wealthiest U.S. citizens.
RELATED FAQS
  1. What types of industries are the main consumers of the products of the chemicals ...

    Learn about industries that use products manufactured by chemical companies. Explore common materials used and produced by ... Read Answer >>
  2. What are the major types of insurance policies that insurance companies will offer?

    Explore one of the largest market sectors, the chemicals sector, and learn which primary basic commodities are used in producing ... Read Answer >>
  3. What are the main products and developments of the chemicals industry?

    Learn about the main products of the chemicals industry and how technological developments and the availability of raw materials ... Read Answer >>
  4. How did Warren Buffett get started in business?

    Warren Buffett may have been born with business in his blood. He started saving while other children were at the playground, ... Read Answer >>
  5. What companies give the purest exposure to the chemicals sector?

    Explore investment opportunities in the chemicals sector, and discover how investors can make pure chemical investments and ... Read Answer >>
Hot Definitions
  1. Cash Flow

    The net amount of cash and cash-equivalents moving into and out of a business. Positive cash flow indicates that a company's ...
  2. PLUS Loan

    A low-cost student loan offered to parents of students currently enrolled in post-secondary education. With a PLUS Loan, ...
  3. Graduate Record Examination - GRE

    A standardized exam used to measure one's aptitude for abstract thinking in the areas of analytical writing, mathematics ...
  4. Graduate Management Admission Test - GMAT

    A standardized test intended to measure a test taker's aptitude in mathematics and the English language. The GMAT is most ...
  5. Magna Cum Laude

    An academic level of distinction used by educational institutions to signify an academic degree which was received "with ...
  6. Cover Letter

    A written document submitted with a job application explaining the applicant's credentials and interest in the open position. ...
Trading Center