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# 65 Elaine Marshall $22.6B

Random fact: Prepares own trust tax returns to US Internal Revenue Service.


Marshall is a director of Koch Industries, one of the largest closely held businesses in the US by revenue. The Wichita, Kansas-based conglomerate has operations in oil, commodities, forestry products and chemicals, and has annual revenue of about $125 billion. She inherited a 15% stake from her late husband, E. Pierce Marshall.

As of :
Last change -$188M ( -0.8%)
YTD change +$333M ( +1.5%)
Biggest asset Georgia-Pacific
Country / Region United States
Age 80
Industry Industrial
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Elaine Marshall's net worth of $22.6B can buy ...

troy ounces of gold
barrels of crude oil

... and is equivalent to ...

of the GDP of the United States
of the total wealth of the 500 richest people in the world
of the top 100 U.S. college endowments
of the top 200 U.S. executives’ total awarded compensation
of U.S. existing home sales
times the median U.S. household income

Latest News

Net Worth Summary

Private asset
Public asset
Misc. liabilities
Confidence rating:

Marshall's fortune derives from a 15% stake in Koch Industries, a closely held industrial conglomerate. Koch Industries is among the largest closely held companies in the US and has annual revenues of about $125 billion, according to a person familiar with the company's results.

Revenue for Flint Hills Resources and Koch's chemicals business, as well as Koch Pipelines and Koch Fertilizer, is estimated to have been about $44 billion in 2021 by comparing their reported production capacities with select industry peers.

Based on information from credit reports and people familiar, paper and pulp producer Georgia-Pacific had $20.8 billion of revenue, and polymer and fiber producer Invista had revenue of $3.8 billion. Electronic components manufacturer Molex had revenue of $7.9 billion. Glass manufacturer Guardian Industries had revenue of $5.25 billion.

Infor Global Solutions, an enterprise software company, had earnings of $770 million and is wholly owned by Koch after its acquisition was completed in April 2020.

In addition, $40 billion in cash, miscellaneous investments and land is held by the Koch Industries parent, based on Moody's reports stating that the company has a zero net debt position and information provided by a person familiar.


Family: Widowed, 2 children

Elaine Marshall is a director and shareholder at Koch Industries and the widow of E. Pierce Marshall, the youngest son of J. Howard Marshall II. Her inherited 14.6 percent stake in the Wichita, Kansas-based company represents the fruit of a five decades-plus partnership between the Marshall and Koch families.

The partnership began in 1959, when Fred C. Koch acquired a 35 percent stake in Great Northern Oil Company, a Minnesota-based refinery co-founded by J. Howard Marshall. A decade later, Marshall exchanged his remaining stake in Great Northern for Koch Industries shares.

In 1974, Howard Marshall gave each of his two sons, J. Howard Marshall III and Pierce, 4% of Koch Industries voting stock. The Marshall's stock became crucial in a failed 1980 boardroom coup by two Koch brothers, Bill and Frederick. The two siblings were looking to oust their brother, Charles, as CEO and sell shares in an initial public offering. While Bill, Fred and their allies held 48% of Koch Industries voting stock, they needed the support of Marshall's sons in order to gain the voting majority. J. Howard Marshall III sided with Bill and Fred; Pierce Marshall demurred. Howard Marshall thwarted the coup by buying back J. Howard III's stock for $8 million. He subsequently disinherited him.

In 1991, Howard Marshall met Vickie Lynn Smith, a single mother who was working as a stripper and waitress in Houston. They married in 1994. By then, Vickie Lynn had changed her name to Anna Nicole Smith and had gained global fame as a model and actress. Four months before Howard Marshall's death in August 1995, Smith sued his son, Pierce, accusing him of interfering with his father’s ability to provide her spousal support. The lawsuit sparked a 16-year legal battle, which ended up twice before the US Supreme Court.

Neither Smith nor Pierce would live to see the end of the legal battle. Pierce died of an infection in 2006; Smith died of a drug overdose the following year at age 39. Elaine was appointed executor and trustee of his estate in May 2006. In June 2011, the Supreme Court upheld a ruling from the 9th Circuit Court of Appeals, which awarded the former stripper's estate nothing from the Marshall fortune.

Elaine Marshall resides in Dallas. She has two sons, Preston Marshall and E. Pierce Marshall Jr., and numerous grandchildren.

  • 1965 Marries E. Pierce Marshall, with whom she has two sons.
  • 1991 Father-in-law meets Vickie Lynn Smith in a Houston strip club.
  • 1994 Vickie Lynn -- renamed Anna Nicole Smith -- marries J. Howard.
  • 1995 Smith files lawsuit in Texas, states claim to Marshall estate.
  • 1995 J. Howard Marshall dies of heart failure at age 90.
  • 2006 Pierce drafts will and transfers Koch Industries shares to a trust.
  • 2006 Inherits Marshall estate after Pierce dies of an infection at age 67.
  • 2011 Supreme Court reverses district court's authority on Smith's claim to fortune.