George Kaiser
George Bruce Kaiser | |
|---|---|
| Born | July 29, 1942 Tulsa, Oklahoma, U.S. |
| Occupation(s) | Entrepreneur, philanthropist |
| Known for | Chairman of BOK Financial Corporation; major philanthropist |
George Bruce Kaiser (born July 29, 1942) is an American billionaire entrepreneur and serves as chairman of BOK Financial Corporation based in Tulsa, Oklahoma. As of September 2021, he was ranked the 476th wealthiest individual worldwide and was listed among the top 50 philanthropists in the United States in 2012.
Early life
Born in Tulsa, Oklahoma, Kaiser completed his secondary education at Central High School. He earned a Bachelor of Arts from Harvard College in 1964 and followed that with an MBA from Harvard Business School in 1966. After briefly contemplating a career in the U.S. Foreign Service, he returned to Tulsa to become involved in his family’s enterprise, Kaiser-Francis Oil Co., which had been founded during the 1940s by his uncle and parents—Jewish refugees who fled Nazi Germany and settled in Oklahoma.
His father, Herman George Kaiser, was a lawyer in Berlin who was dismissed by the Nazi regime in 1933 due to his Jewish background. Herman later worked for EMSA-Werke, his father-in-law’s firm, before relocating first to England in 1937 and then to the United States in 1940. The family established themselves in Tulsa where Herman entered the oil drilling industry. He passed away in Tulsa in 1992 at age 88.
Oil and gas
Following his father’s heart attack in 1969, Kaiser assumed leadership of Kaiser-Francis Oil Company. At that point, the business was a modest privately held oil exploration and drilling operation. Under George Kaiser's direction, it expanded significantly, becoming the 23rd largest privately owned energy exploration company in the U.S. by 2010, with revenues near $217 million that year.
Banking
In 1990, Kaiser purchased Bank of Oklahoma (BOK) from FDIC receivership. Despite its challenges at acquisition, BOK’s prospects earned Kaiser immediate placement on the Forbes 400 list. He transformed BOK from a regional bank with just 20 branches confined to Oklahoma into a $23.9 billion institution operating across nine states. Kaiser currently owns a 61.5% stake in BOK. By 2007, his holdings in BOK were valued at $2.3 billion. Forbes ranked him as the 20th wealthiest American in 2008 with an estimated net worth of $12 billion, making him Oklahoma’s richest person. During the economic downturn of 2009, his net worth decreased to $9 billion, placing him tied for 43rd globally. As of 2023, his estimated net worth stands at $13.3 billion.
Professional sports
In April 2014, Kaiser acquired Tom L. Ward’s share in The Professional Basketball Club—headed by Clay Bennett—which owns the NBA’s Oklahoma City Thunder along with its minor league team, the Oklahoma City Blue.
Personal life
Kaiser's nephew is actor Tim Blake Nelson.
He has been married twice:
- His first wife, Betty Eudene, was deeply committed to literacy advocacy and contributed over 7,000 volunteer hours to the Tulsa City-County Library’s literacy program. They had three children—Philip, Leah, and Emily—and five grandchildren. Betty passed away in 2002.
- His second wife, Myra Block, is a curator and founder of 108 Contemporary. She is the daughter of Tulsa oilman and philanthropist Charles Goodall. The couple splits their time between Tulsa, Oklahoma and San Francisco, California.
Kaiser dedicates around 70 hours weekly balancing philanthropy with his business ventures spanning banking and energy sectors. He is connected with the Egalitarian Conservative Congregation B'Nai Emunah.
Known for maintaining a low profile, Kaiser seldom participates in interviews or social events. He owns residences in Tulsa and San Francisco but does not possess vacation properties, private jets, or yachts.
Philanthropy
In BusinessWeek's 2008 ranking of leading American philanthropists, Kaiser was placed third, following Warren Buffett and Bill and Melinda Gates. His philanthropic efforts are channeled through the George Kaiser Family Foundation, which prioritizes alleviating childhood poverty and supporting Oklahoma's Jewish community.
The foundation places significant importance on early childhood education and stands as the largest donor to the Tulsa Community Foundation, an organization Kaiser founded in 1998. Initially funded by contributions from seventeen donors, this foundation expanded to become the largest community foundation in the United States, managing nearly $4 billion in assets by 2006.
Among its initiatives, Kaiser's foundation financed the National Energy Policy Institute at the University of Tulsa. This institute was led by former Alaska Governor Tony Knowles and directed by former U.S. Representative Brad Carson. In 2009, Kaiser publicly urged a reallocation of Oklahoma’s tax incentives away from oil and gas industries toward sectors such as healthcare, education, or direct tax relief.
The foundation also supported the establishment of Tulsa’s Woody Guthrie Center, which opened in 2013, and played a key role in securing Bob Dylan’s extensive 6,000-item archive for the Helmerich Center for American Research at the university.
Contributing $350 million, the foundation was a major financier behind Tulsa’s A Gathering Place park project—recognized as the largest privately funded park development in the country.
In 2009, it invested $340 million in Solyndra Corporation, a solar energy company that planned a manufacturing facility in North Tulsa; however, the plant never materialized before Solyndra declared bankruptcy in 2011.
Kaiser is a signatory of The Giving Pledge, committing to donate at least half of his fortune.
His charitable focus is on fostering economic development and reducing poverty through investments aimed at early education and healthcare. Annually, the foundation allocates $1.2 million to support early childhood educator training at Tulsa Community College and the University of Oklahoma by reimbursing tuition costs for graduates who remain employed locally. Additionally, it backs Teach for America by facilitating the placement of young educators in Tulsa schools.
Acknowledging poverty’s detrimental effect on life expectancy, Kaiser's foundation contributed $62 million toward establishing a School of Community Medicine on the University of Oklahoma’s Tulsa campus. This gift complemented a $20 million donation from the Schusterman family. The program offers tuition reimbursement to medical professionals who commit to five years of community service.
Kaiser’s philanthropic strategy emphasizes discreet operational funding rather than seeking naming rights, aiming to advance charitable objectives more effectively.
Political activities
In 2004, Kaiser's political contributions favored Democratic candidates by approximately tenfold compared to Republicans. He played an active role as a fundraiser and bundler for Barack Obama’s 2008 presidential campaign, hosting an event that raised over $250,000.
A 2011 review noted Kaiser's strategic use of legal tax mechanisms during the oil industry downturn in the 1980s by acquiring distressed energy firms whose financial losses helped offset his taxable income.