#6: MacKenzie Scott Net worth: $30.7 billion | Source of wealth: Amazon He was replaced by his son-in-law, Greg Penner, who is part of the group slated to purchase the Denver Broncos Walton still serves on the Walmart board of directors. The retailer grew from about 2,000 stores and 271,000 employees that year to 11,000 stores and more than 2.3 million employees in 2015, when he stepped down as chairman. The eldest of the Walmart founder’s children took over as chairman when his father died in 1992. #1 (tie): Charles Koch Net worth: $59.6 billion | Source of wealth: Koch Industries (Net worths are as of Thursday, June 16.) Here’s a look at who they are and where their money comes from. billionaires, according to Forbes’ estimates.
That’s about 13.5% of the $4.2 trillion in wealth of all 701 U.S. Together the country’s 20 richest billionaire heirs (technically there are 23 because several are tied at number 20) are worth $568 billion.
#JULIA KOCH FAMILY TV#
Rupert Murdoch inherited two Australian newspapers when his father died–and with those started a media empire that has grown to include Fox News, arguably the most influential cable TV network in the U.S. Forbes now pegs his fortune at just under $60 billion. Charles Koch appeared on the first Forbes 400 list of richest Americans in 1982 with a net worth of $266 million.
#JULIA KOCH FAMILY SOFTWARE#
2019) bought out the stakes of their two brothers, Frederick and Bill, for $1.1 billion in 1983.) Charles has run the company since the death of his father, orchestrating the $13 billion acquisition of Georgia Pacific in 2005 and the estimated $13 billion purchase of cloud software firm Infor in 2020, among others. Charles Koch and his three brothers inherited most of a vastly smaller Koch Industries when their father, Fred, died in 1967. It also extends to the company’s business practices, which have been the target of numerous federal investigations, resulting in several indictments and convictions, as well as a whole host of fines and penalties.Some of these heirs took control of businesses they inherited and radically transformed them. The toxic history of Koch Industries is not limited to physical pollution. In March, Koch signed a consent decree with the Department of Justice requiring it to spend more than $40 million to bring this plant into compliance with the Clean Air Act. The cost is borne by communities in cities like Port Arthur, Texas, where a Koch-owned facility produces as much as 2 billion pounds of petrochemicals every year.
#JULIA KOCH FAMILY LICENSE#
Across its businesses, Koch generates 24 million metric tons of greenhouse gases a year.įor Koch, this license to pollute amounts to a perverse, hidden subsidy. Koch’s climate pollution, meanwhile, outpaces oil giants including Valero, Chevron and Shell. The company ranks 13th in the nation for toxic air pollution. Thanks in part to its 2005 purchase of paper-mill giant Georgia-Pacific, Koch Industries dumps more pollutants into the nation’s waterways than General Electric and International Paper combined. According to the University of Massachusetts Amherst’s Political Economy Research Institute, only three companies rank among the top 30 polluters of America’s air, water and climate: ExxonMobil, American Electric Power and Koch Industries. The volume of Koch Industries’ toxic output is staggering. The company’s stock response to inquiries from reporters: “We are privately held and don’t disclose this information.” By that metric, it is larger than IBM, Honda or Hewlett-Packard and is America’s second-largest private company after agribusiness colossus Cargill. Koch touts only one top-line financial figure: $115 billion in annual revenue, as estimated by Forbes.
The building, like the brothers’ fiercely private firm, is literally and figuratively a black box. Koch Industries is headquartered in a squat, smoked-glass building that rises above the prairie on the outskirts of Wichita, Kansas. What is less clear is where all that money comes from. So far in this cycle, Koch-backed entities have bought 44,000 political ads to boost Republican efforts to take back the Senate. Koch-affiliated organizations raised some $400 million during the 2012 election, and aim to spend another $290 million to elect Republicans in this year’s midterms. Their political network helped finance the Tea Party and powers today’s GOP. The Kochs are our homegrown oligarchs they’ve cornered the market on Republican politics and are nakedly attempting to buy Congress and the White House. The electoral influence of the Koch brothers is similarly well-chronicled. Brothers Charles and David are each worth more than $40 billion. The enormity of the Koch fortune is no mystery.
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