The Richest People In America: David Koch

#9 David Koch

$19.0 billion
Source: manufacturing, energy

With brother Charles, transformed family refining business into America's largest private company. Father, Fred C. Koch (d. 1967), invented method of turning heavy oil into gasoline. Sons Charles, David, Frederick and William inherited Koch Industries after father's death. Charles and David bought out William and Frederick for $1.1 billion in 1983; fraternal fight over deal settled in 2001. Today Koch Industries has stakes in pipelines, refineries, fertilizer, fibers and polymers, forest and consumer products, chemical technology. Brothers each own 42%; collective fortune up $4 billion as oil and fertilizer prices soar. David is executive vice president. Sales last year: $98 billion. Employs 80,000 workers in 60 countries. Purchased Invista, maker of Lycra and Coolmax fabric, in 2004 for $4.2 billion. Dropped $21 billion on paper and building-supply vendor Georgia-Pacific the following year. Holds chemical engineering degrees from MIT; pledged $100 million to alma mater for cancer research last year. Pledged another $100 million to New York's Lincoln Center this July.

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