Fred Koch's family made his wealth by inventing a new technique of thermal cracking by which petroleum is converted into lighter oils and gasoline.
This invention made the Kock family one of the most powerful and influential families in the United States. This article will talk about the richest woman in the Koch family who lives in New York.
Who is Julia Koch?
Julia Koch is an American billionaire, philanthropist, and one of the wealthiest women in the world.
Her parents were entrepreneurs.
She was born on April 12, 1962. Her parents, Margaret and Frederic Flesher, owned Flesher's furniture store in Indianola, Iowa. Her family moved to Arkansas, where they opened a clothing store called Peggy Frederic's.
Julia Koch graduated from the University of Central Arkansas and worked as a model. Then, in 1984, she moved to New York City and became part of the high society scene. She worked for a very famous fashion designer named Adolfo and did fittings for former first lady Nancy Reagan.
She married David Koch in 1996.
In 1991, she went on a blind date with David Koch and married him five years later. Unfortunately, her husband died in 2019, so she inherited 42% of Koch Industries. The couple had three children, David Jr., Mary Julia, and John Mark.
Today, Julia serves on Koch Industries and Memorial Sloan Kettering Cancer Center boards. She also presides over the David H. Koch Foundation, which donated over $200 million for science, medical research, arts, education, and public policy.
The history behind the brand.
A long time ago, Charles C Koch invented thermal fracking.
In 1932, Fred Koch married Mary Clementine Robinson in Missouri. They had four kids: Frederick, Charles, and twins, David and William.
In 1960, Fred Koch was disappointed because none of his four kids showed any interest in taking over his empire. So, he issued an ultimatum to his son, Charles, to join him.
He told his kids, "Join me, or I would sell the company." His brother David joined him, and they expanded the company to become the second-largest privately held company in North America.
After their father's death, the brothers had a lot of conflicts and hostile negotiations over the company's future. Finally, they settled in 1983. Koch Industries paid $620 million for Bill's 21% company stake, while Fred netted $400 million for his shares.
They have an enormous amount of political power.
In 1980, David Koch ran as the Libertarian Party's vice-presidential candidate on a ticket with Ed Clark. However, they failed to win more than 1% of the vote.
The brothers donated extensively to libertarian and Republican causes. Jane Mayer wrote Dark Money, a book that credited the two Billionaires to the rise of the radical right. For example, In 2018, Koch Industries gave $1,325,115 to Republicans congressional candidates.
The insider also credits Koch Industries with helping the Tea Party gain a lot of power during President Obama's first term.
If you had Koch family money, what causes would you support?