|Net Worth:||$35 Billion|
|Date of Birth:||February 14, 1947 (76 years old)|
|Profession:||Entrepreneur, Businessperson, Investor, Financier|
|Nationality:||United States of America|
What is Stephen Schwarzman’s net worth?
Stephen Schwarzman is an American businessman who has a net worth of $35 billion. He is among the wealthiest persons in New York according to his net worth. Stephen co-founded The Blackstone Group, which is where he made his money.
He presently owns 19% of Blackstone, a publicly traded company with a market value of over $150 billion and a portfolio of more than $650 billion assets.
Stephen Schwarzman was born in Philadelphia, Pennsylvania on February 14, 1947. He continued his education by obtaining his MBA from Harvard Business School after graduating from Yale University.
He started his financial career while still in college, and after earning his graduate degree, he started working for Lehman Brothers. He accepted a position with Dunaldson, Lufkin & Jenrette right out of college. Lehman Brothers hired him back after business school.
He was appointed as the managing director when he was 31. Later, he rose to the position of Head of Global Acquisitions and Mergers. He became good friends with his supervisor, Peter G. Peterson, while working at Lehman.
Stephen and Peter departed Lehman in 1985 to co-found The Blackstone Group, a business that specialized in mergers and acquisitions. After the company’s IPO in 2008, Peterson announced his retirement.
The Blackstone Group presently oversees assets worth close to $650 billion. In 2007, The Blackstone Group became a publicly traded partnership. Stephen received almost $398 million in salary in the year prior to the public offering, according to a regulatory filing.
At the IPO, he sold $684 million worth of shares while holding onto a $9 billion position. The business changed its structure in 2019 to become a more conventional publicly traded C-type corporation.
Stephen Schwarzman received $1.1 billion in pay in 2021. Dividends made up the majority of such pay, or about $941 million. A performance milestone incentive helped him earn $160 million. He makes $350,000 as his base pay.
The executive’s overall salary for 2021 is one of the highest annual sums ever known to have been paid.
In New York City, Stephen is renowned for funding the education of over a hundred underprivileged kids each year. He personally analyzes each student’s report card and writes to them each semester. They are known as the Schwarzman Scholars.
He gave $100 million to the New York Public Library in 2008 to help it grow. He pledged $100 in 2013 to support Schwarzman Scholars’ ongoing operations. He gave $150 million to Yale University in 2015.
He gave $350 million to the Massachusetts Institute of Technology in 2018 to fund the establishment of the Schwarzman College of Computing.
He has given numerous additional foundations, charities, and organizations hundreds of millions of dollars. He has signed The Giving Pledge, which states that he will eventually give the vast bulk of his own riches to charity.
Between 1971 until 1990, Schwarzman was wed to his first wife, Ellen Phillips. Each of them is a parent to two kids. He was hitched to Christine Hearst who is a lawyer in 1995. She has a child from her previous marriage.
Stephen and Christine live in a triplex at 740 Park Avenue and a home in Palm Beach, Florida, respectively. The Palm Beach mansion cost them $20.5 million to purchase in 2003. Currently, the house is probably worth more than $100 million.
In 2000, they spent $30 million on an apartment in New York City. It was the most ever spent on a Park Avenue property at the time.
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