David Koch, the 11th richest person in the world, leaves behind massive net worth

Industrialist and active philanthropist David Koch died of prostate cancer at age 79 on August 23, 2019.

Koch was most known for co-running Koch Industries with his brother, Charles, which is the second-largest private U.S. firm.

The company, which began as an crude oil refining business, has expanded into a complete conglomerate of different ventures including production of pollution control technology, fertilizer and other popular name-brand consumer products such as Dixie Cups, Lycra spandex and Quilted Northern toilet paper.

David Koch owned a 42 percent stake of Koch Industries which draws in a reported $110 million in revenue each year.

Koch stepped down from the family business in June 2018, citing ‘declining health’ amid his battle with prostate cancer.

Koch was a known philanthropist and donor to various organizations and institutes, including both

New York-Presbyterian and Sloan Kettering hospitals, Lincoln Center and the American Museum of Natural History, where the David H. Koch Dinosaur Wing exists in his honor.

As of March 4, 2019, David Koch’s estimated net worth is $50.5 billion, according to Forbes.

He was ranked as the 11th richest person in the world.