Washington: David H. Koch, executive vice president of Koch Industries Inc. and a long-time philanthropist, has died at the age of 79.

His older brother, Charles, announced the death on Friday, local time, saying: "It is with a heavy heart that I now must inform you of David's death."

David Koch, pictured in 2012, has died at the age of 79. Credit:AP

David Koch, a billionaire who lived in New York City, was the Libertarian Party's vice presidential candidate in 1980. He was a generous donor to conservative political causes as well as educational, medical and cultural groups.

The Koch brothers were best known for a vast political network they built that became popularly known as the "Kochtopus" for its far-reaching tentacles in support of conservative causes. The brothers founded the anti-tax, small government group Americans for Prosperity.