Monday 25 June 2018

Koch brothers top US oil billionaire list

New York, January 29, 2014

Charles and David Koch of Kansas emerged out as the wealthiest individuals in America’s oil and gas sector, with a combined net worth of $83 billion, according to a 'Wealth-X Top 10' list that includes billionaires from Texas, New York and Oklahoma.

Charles, Koch Industries’ chairman and CEO, and David, executive vice president, are the principal owners of the Wichita-based company founded by their father Fred in 1940.

The Koch brothers each own 42 per cent of Koch Industries, which is involved in the manufacturing, refining and distribution of petroleum, chemicals, polymer and other materials.

Four billionaires from Texas appear on the list: Milane Frantz (one of two females on the list), Ray Hunt, Jeffrey Hildebrand and William Hunt.

Kansas is home to three oil and gas billionaires, the two Koch brothers as well as Elaine Tettemer Marshall, who inherited her fortune from her late husband, Everett Pierce Marshall, (who had holdings in Koch Industries).

With a combined wealth of $83 billion, the Koch brothers make up over half of the total, combined net worth of the 10 billionaires on the Wealth-X list.

Apart from Koch brothers, the others who made it to the top 5 list include Harold Hamm - Self-made Continental Resources ($14.1 billion); Philip Anschutz - Self-made-Anschutz Company ($9.9 billion); George Kaiser - Inheritance/Selfmade - GBK Corporation ($9.8 billion.)

Commenting on the list, Wealth-X president David S. Friedman said: “It's interesting to see how the Koch brothers are leveraging their wealth in the political arena and how Anschutz has leveraged his in the media and entertainment industries. It's also interesting to note that oil-driven wealth in North Dakota is creating millionaires, but we have yet to see a significant increase in the ultra wealthy in that area.”

Singapore-based Wealth-X is the definitive source of intelligence on the ultra wealthy with the world’s largest collection of curated research on ultra high net worth (UHNW) individuals, defined as those with net assets of $30 million and above. It has 12 offices in five continents.-TradeArabia News Service

Tags: Oil | Billionaires |

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