Charles Koch: Oil billionaire grew up the way of "the poorest man in the world"

Charles Koch shared that he did not have a childhood growing up in silk. "My father wanted me to work as if I were the poorest man in the world."

The saying "fortune is created by the will of man" accurately describes the success of billionaire Charles Koch. Over the past four decades, through his hard work and judgment as chairman and CEO, he has taken Koch Industries from a little-known corporation to new heights, becoming the second largest privately owned company in the United States. .

Charles Koch is also currently on the list of the 30 richest people in the world with a fortune of $46.4 billion, according to Forbes. Besides being a businessman, Charles is also an active philanthropist with many contributions to the community. The Koch family holds a fortune of about $120 billion, making it the second-richest family in the United States.

Born into a rich family but did not grow up in luxury

Charles Koch was born on November 1, 1935 in Wichita, Kansas, USA into a rich and powerful family. His grandfather Harry Koch was the founder of the newspaper Quanah Tribune-Chief and a founding shareholder of Quanah, Acme and Pacific Railway. Charles Koch's great-grandparents were famous bishops, politicians, and writers.

However, Charles Koch shared that he did not have a childhood growing up in luxury. "My father wanted me to work as if I were the poorest man in the world." - the billionaire said in a 2016 interview.

At the Massachusetts Institute of Technology, Mr. Koch received a Bachelor of Science degree in General Engineering in 1957, a Master of Science in Nuclear Engineering in 1958, and a Master in Chemical Engineering in 1960. After that, he started working. at the international management consulting firm Arthur D. Little.

In 1961, Mr. Koch returned to Wichita to join the family business, at Rock Island Oil & Refining Company, now Koch Industries.

Six years later, he took over as chairman of the group, then still a mid-sized petrochemical company. That same year, Mr. Koch changed the company name to Koch Industries in honor of his father. At that time, Koch Industries was just a mid-sized company in the oil industry.

Career and legal battle with siblings

A legal battle broke out between the four Koch brothers and it was not until June 1983 that everything was settled. Charles and his brother David bought the shares of Koch Industries of two other brothers Frederick and Bill for $1.1 billion, and became majority owners in the corporation.

Since becoming co-owner and chairman of Koch Industries, Charles Koch has transformed the group from a mid-range petrochemical and chemical company into a leading global multi-industry group. Koch Industries' current business areas include minerals, fibres, forest products, consumer products, and pollution control equipment. The group's annual revenue is estimated at up to 110 billion USD.

And to create the rapid growth of the corporation inherited from his father, Mr. Koch often works 12 hours a day at the office. He continued to work even when he got home and on weekends. The directors of Koch Industries under him also often have to work overtime on weekends.

As the giants of the energy industry, the billionaire Koch brothers fiercely oppose efforts to combat climate change. He also opposes corporate subsidies and insists on maximizing the role of the private economy, as well as individual liberties.

Although Koch Industries got into a lot of trouble, such as having to pay a fine of $28.5 million after one of its affiliates was accused of price manipulation in 2002 or paying a fine of 30 million USD related to 1,995 allegations in more than 300 oil spills in 2000... but cases like the above could not subdue Koch Industries.

Major political sponsor

As the giants of the energy industry, the billionaire Koch brothers fiercely oppose efforts to combat climate change. He also opposes corporate subsidies and insists it is necessary to "minimize the role of government and maximize the role of the private economy, as well as individual liberties", according to the National Journal.

Billionaire Charles Koch and his brother David are the people behind the rise of the "Tea Party" in the US. The brothers founded the right-wing group Americans for Prosperity in 2004. Mr. Koch warned that aggressive government spending, coupled with a weakened free enterprise system, would hurt economic prosperity. and society in the long run.

He once criticized the administration of former President Barack Obama for "attacking the prosperity of America". In an article on the Wall Street Journal, billionaire Koch wrote: "Government spending on business only aggravates the problem. Too many businesses have successfully lobbied for preferential treatment and special treatment. ".

According to him, this erodes the general standard of living and stifles the entrepreneurs themselves. For the past 20 years, the Koch family has been the main donors to the Republican party. They spend millions of dollars on attacks on Democrats.

Billionaire Koch's family strongly opposes the legislative efforts of former President Obama. In 2012, they spent up to $86 million to prevent his re-election but failed.

Do business but love charity activities

Charles Koch married his wife Liz Koch in 1972. She is described as a solid support for her husband in both his business and philanthropic career. The two are active members of many charities across the United States such as the Institute for Humanitarian Studies, the Mercatus Center at George Mason University, etc. He and his wife also founded the Koch Cultural Trust to support charitable causes. Artists and creative professionals.

"I believe cronyism only benefits the rich and powerful and should be abolished," Charles Koch said of his philanthropic stance.

Besides philanthropic activities, Charles Koch also pays special attention to helping startups through his own financial fund.

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