Stephen Schwarzman Net Worth

What is Stephen Schwarzman's net worth and salary?

Stephen Schwarzman is an American businessman who has a net worth of $52 billion. That net worth makes him one of the richest people in New York. Stephen Schwarzman earned his fortune thanks to The Blackstone Group, which he co-founded. He currently owns 19% of the publicly traded Blackstone.

Stephen A. Schwarzman is one of the world's most influential financial figures as the co-founder, Chairman, and CEO of Blackstone Group, a global investment firm that became the world's largest alternative asset manager. After beginning his career at Lehman Brothers, where he rose to become the head of global mergers and acquisitions, Schwarzman co-founded Blackstone in 1985 with former colleague Peter Peterson.

Under his leadership, Blackstone transformed from a modest merger advisory boutique with $400,000 in seed capital into a diversified investment giant managing over $900 billion in assets. The firm's historic 2007 IPO marked a watershed moment in the alternative investment industry.

Beyond building Blackstone, Schwarzman has become a significant philanthropist, with landmark donations including $350 million to MIT for AI research, $150 million to Yale, and $100 million to establish the Schwarzman Scholars program in China—a Rhodes Scholar equivalent for future global leaders.

His influence extends to policy circles as an advisor to multiple U.S. presidents and global leaders. Schwarzman's business principles and leadership philosophy, outlined in his book "What It Takes," have cemented his legacy as one of the most successful investors and business builders of his generation.

Early Life

Stephen Schwarzman was born in Philadelphia, Pennsylvania, on February 14, 1947. After graduating from Yale University, he went on to earn his Masters in Business Administration from Harvard Business School.

Early Career

He began his career in finance while still in college and then began working for Lehman Brothers after completing his graduate school education. Immediately after college, he took a job with Donaldson, Lufkin & Jenrette. After business school, he went back to Lehman Brothers. At age 31, he was named managing director. He eventually went on to become the Head of Global Acquisitions and Mergers. While at Lehman, he met and befriended his boss, Peter G. Peterson.

The Blackstone Group

In 1985, Stephen and Peter left Lehman to co-found The Blackstone Group, a firm focused on acquisitions and mergers. Peterson retired in 2008, a year after the company's IPO. The Blackstone Group currently manages nearly $650 billion in assets.

The Blackstone Group went public in 2007 as a publicly traded partnership. According to a securities filing, in the year before the public offering, Stephen earned around $398 million in compensation. He sold $684 million worth of his shares at the IPO and maintained a stake worth $9 billion at that point.

In 2019, the company converted into a more traditional publicly traded C-type corporation.

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Compensation and Salary

• In 2021, Stephen Schwarzman earned $1.1 billion in compensation. The majority of that compensation, roughly $941 million, was earned in the form of dividends. He earned $160 million thanks to a performance milestone bonus. His base salary is $350,000.
• In 2022, he earned $1.26 billion in pay and dividends. That 2022 compensation total is one of the largest-known single-year amounts paid to an executive.
• In 2023, he was paid $916 million.
• In 2024, Stephen earned just over $1 billion.

Philanthropy

Stephen famously pays for the education of over a hundred disadvantaged children in New York City every year. Known as the Schwarzman Scholars, he personally reviews their report cards and writes to each student every semester.

• In 2008 he donated $100 million towards expanding the New York Public Library.
• In 2013, he made a $100 commitment to the continuation of Schwarzman Scholars.
• In 2015, he donated $150 million to Yale University.
• In 2018, he donated $350 million to the Massachusetts Institute of Technology to create the Schwarzman College of Computing.

He has donated hundreds of millions of dollars to other charities, foundations, and institutions. He is also a member of The Giving Pledge, which means he will ultimately donate the majority of his personal wealth to charity.

Politics

Stephen is a lifelong Republican and a close friend of former President Donald Trump. He served as the chair of President Trump's Strategic and Policy Forum. Within less than a year, the Forum was disbanded by Trump.

He has donated tens of millions of dollars to Republic candidates and conservative PACs.

Personal Life

Schwarzman and his first wife, Ellen Phillips, were married from 1971 to 1990. They have two children together.

In 1995, he married a lawyer named Christine Hearst. She has a child from a previous marriage.

Real Estate

Stephen and Christine split their time between a triplex apartment located at 740 Park Avenue and a mansion in Palm Beach, Florida. They paid $20.5 million for the Palm Beach mansion in 2003. Today, the home is likely worth north of $100 million. They paid $30 million for the New York City apartment in 2000. At the time, it was the highest amount paid for a property on Park Avenue.

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