Billionaire philanthropist David Koch died on Friday at the age of 79.

His brother Charles Koch, 83, announced David’s death in a statement that read, “It is with a heavy heart that I announce the passing of my brother David. Anyone who worked with David surely experienced his giant personality and passion for life.”

David and his brother Charles operated Koch Industries, which was founded by their father, Fred Koch, in 1940. David was born the same year. David retired from Koch Industries in June 2018 for health reasons. He was executive vice president at the time.

The onetime vice-presidential candidate for the Libertarian Party has a net worth of more than $42 billion, Forbes reported. He was the 11th richest person in the world, according to the news outlet.

David was also known for his financial contributions to the arts and medical industry. He and his family foundation also donated millions to fighting cancer, where he sat as a board member of the Prostate Cancer Foundation. David was diagnosed with prostate cancer 27 years ago.

“Twenty-seven years ago, David was diagnosed with advanced prostate cancer and given a grim prognosis of a few years to live,” Charles said in a statement. “David liked to say that a combination of brilliant doctors, state-of-the-art medications and his own stubbornness kept the cancer at bay. We can all be grateful that it did, because he was able to touch so many more lives as a result.”

In 1980, David ran as a vice-presidential candidacy with presidential running mate, Ed Clark. The two looked to end the Social Security system, the Federal Reserve Board, welfare, corporate taxes, and minimum wage laws, CNBC reported. They received 1 percent of the nation’s vote against former President Ronald Regan at the time, according to the news outlet.

David is survived by his wife, Julia and three children.

Julia said in a statement, “He believed he had a responsibility to a world that had given him so many opportunities to succeed. David’s philanthropic dedication to education, the arts and cancer research will have a lasting impact on innumerable lives — and that we will cherish forever.”

david koch David Koch, executive vice president of Koch Industries, applauds during an Economic Club of New York event in New York, December 10, 2012. Photo: Reuters/Brendan McDermid