Net Worth in 2023: $20 Billion. [47] In late 2002, Blackstone remained active acquiring TRW Automotive in a $4.7 billion buyout, the largest private equity deal announced that year (the deal was completed in early 2003). [172][173], The company has invested in companies with links to the commercialization and deforestation of the Amazon rainforest.[174][175][176][177]. Summary:Stephen A. Schwarzman is Chairman, CEO and Co-Founder of Blackstone, one of the worlds leading investment firms with $941 billion Assets Under Maybe you know about Stephen Schwarzman very well, but do you know how old and tall is he and what is his net worth in 2023? Blackstone CEO Stephen Schwarzman, age 75, was born in 1947 in Pennsylvania. Dawn Lim, Bloomberg News. 79 on the 2021 Forbes Billionaires list in March with $21.9 billion, but his fortune has risen $4.9 billion since then, fueled by a flurry of global dealmaking that includes plans to acquire a reported $720 million real estate portfolio in India. Your email address will not be published. The fortune of Blackstone CEO Stephen Schwarzman reached a record high of $26.8 billion this week, as the soaring share price of the private equity firm he cofounded This is a BETA experience. Featured: Microsoft CEO Bio- Satya Nadella Net Worth, Age, Career, & More! A representative for Schwarzman declined to comment on the India deal and referred Forbes to the firms earnings announcement last week for an explanation of its record share price. [82], In November 2013, Merlin Entertainments, owned in part by Blackstone Group, became a public company via an initial public offering on the London Stock Exchange. Blackstone was founded in 1985 by Peter G. Peterson and Stephen A. Schwarzman with $400,000 in seed capital. If you make it to your 50s and 60s and youre still prospering, you have a perfect sense of how to avoid problems and when to be conservative or aggressive with your investments. Stephen Schwarzman. Schwarzman, who owns some 20% of Blackstone shares, reaped roughly $1 billion in dividends alone. Introduction Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate business has actively acquired commercial real estate. (adsbygoogle = window.adsbygoogle || []).push({}); You have entered an incorrect email address! Though neither is paid an annual cash bonus, they still collect more than the CEOs of Wall Streets biggest investment banks, where compensation packages for the top brass usually tally into the tens of millions. Former professional hockey player Peter Forsberg earned millions in the NHL as one of the greatest players of all time. When not helping clients identify tax and financial opportunities, you can find him writing, sailing offshore, or flying a plane. In January 2016, Blackstone Real Estate Partners VIII L.P. acquired BioMed Realty Trust for $8 billion. During the buyout boom of 2006 and 2007, Blackstone completed some of the largest leveraged buyouts. The 76-year-old executive also earned $253.1 million in compensation for 2022. Schwarzmans net worth has soared in turn, from $3.5 billion in 2007 to its current position. In 1985 he partnered with Peter Peterson (who died in 2018) to launch Blackstone; Schwarz" means black in German and Yiddish, while "Peter" is Greek for stone. Blackstone co-founder Stephen Schwarzman says the firm is my family office.Bloomberg. Blackstones private equity holdings appreciated at nearly three times the rate of the S&P 500 in the most recent quarter, according to The Wall Street Journal. Continue with Recommended Cookies. Blackstone, Kohlberg Kravis Roberts, TPG Capital and Goldman Sachs Capital Partners acquired Biomet, a medical device manufacturer for $10.9 billion. 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Stephen Schwarzman is an American businessman who began his career in finance while still in college and then began working for Lehman Brothers after completing his graduate school education. [162][163], After the 20072010 subprime mortgage crisis in the United States, Blackstone Group LP bought more than $5.5 billion worth of single-family homes to rent, and then be sold when the prices rise. [4]:221223, In 2007, Blackstone acquired Alliant Insurance Services, an insurance brokerage firm. In 1985, Schwarzman and his boss, Peter Peterson, started The Blackstone Group, which initially focused on mergers and acquisitions. TRW's parent was acquired by Northrop Grumman, while Blackstone purchased its automotive parts business, a major supplier of automotive systems. Stephen is also a published author of a book that was a best New York Seller. Many bank CEOs took pay cuts in a tough year for financial markets. Blackstone PresidentJon Grayreceived $479.2 million as income in 2022. 2023 Fortune Media IP Limited. Nikko's investment allowed for a major expansion of the firm and its investment activities. In October 2021, Blackstone acquired the Nucleus Network, Australia's premier clinical researcher, who are providing staple 'healthy' volunteers large financial rewards for drug trials. Schwarzman owns 20% of Blackstone shares and is now one of Wall Streets highest In July 2020, Blackstone invested US$200m in the Swedish oat milk brand, In August 2020, Blackstone announced that it will buy a majority stake in. The Blackstone CEO has a net worth of USD 30.6 billion, according to the Bloomberg Billionaires Index. Blackstones fundraising machine slowed last year, and market swings hampered new deals. Blackstone CEO Steve Schwarzman takes home a record $1.27 bn in 2022 Schwarzman, who owns some 20% of Blackstone shares, reaped roughly $1 billion in dividends alone. He helped the company to become a leading property owner and biggest credit provider for small-to-mid size and other businesses. This business evolved into Blackstone's marketable alternative asset management segment, which was opened to institutional investors. During the financial crisis of 20072008, Blackstone managed to close only a few transactions. [76], On June 21, 2007, Blackstone became a public company via an initial public offering, selling a 12.3% stake in the company for $4.13 billion, in the largest U.S. IPO since 2002.[77][78]. When Blackstone went public in June 2007, it revealed in a securities filing that Schwarzman had earned about $398.3 million in fiscal 2006. His father, Joseph Schwarzman, was the owner of Schwarzmans, a former store that dealt with dry-goods. Fortune 9h ago. [22] That same year, Blackstone formed a partnership with J. O. Hambro Magan in the UK and Indosuez in France. He received nearly $1 billion in dividends and $253.1 million in compensation. He has pledged nearly $200 million to Oxford and $350 million to MIT, and hundreds of millions more to launch the Schwarzman Scholars program, a partnership with Tsinghua University in China modeled after the Rhodes Scholarship. They also planned to use a Blackstone fund to invest in financial institutions and help build an asset management business specializing in fixed income investments. Last month it also partnered with Starwood Capital to buy Extended Stay America for $6 billion and on Sunday announced plans to open an office in Tel Aviv with an eye toward further tapping into Israels booming tech sector. Schwarzman is also a published author. Today, he is best known for being the co-founder of The Blackstone Group. Blackstone Inc. Chief Executive Officer Steve Schwarzman took home a record $1.27 billion for 2022, as the investing titan continued building his fortune into one of the worlds largest. Its hard to raise the money and to find the right people. Stephen Schwarzman, Regardless of how you begin your careers, it is important to realize that your life will not necessarily move in a straight line. Its global holdings include the Sandcrawler (a 173,000-square-foot office building in Singapore it just bought for $132 million), a string of hotels in Japan and the largest collection of rental properties of any New York City landlord. Between 1995 and 2014, PNC reported $12 billion in pretax revenues and capital gains from BlackRock, Schwarzman later described the selling of BlackRock as his worst business decision ever. [36] Also in 1997, Blackstone made its first investment in Allied Waste. Initially, the company focused on Mergers and Acquisitions, it diversified and branched into direct lending, Alternative Assets, and Real Estate, as per the present it has $500 billion in assets under management. German racing driver Ralf Schumacher has earned millions as a Grand Prix champion in Formula One. Part of the purchase involved splitting the business into a property company, NHP, and a nursing home business, which Blackstone claimed would become "the leading company in the elderly care market". [citation needed] In 2020 they acquired Ancestry.com. Introduction [161], The purchase and subsequent IPO of Southern Cross led to controversy in the UK. Second, it should be unique. Blackstone acquired Prime Hospitality[54] and Extended Stay America in 2004. In 2015, the digital assets were sold to IBM for $2 billion. However, despite Blackstones volatile conditions, its profitability helped its top executives take home hefty incomes. As of 2022, Stephen Schwarzmans net worth is estimated to be between 30-45 billion USD. The insurance companies also started to benefit from Blackstones products and investment management skills. Required fields are marked *. [4]:144147 He left Blackstone in 1999 to start his own private equity firm, Heartland Industrial Partners, based in Greenwich, Connecticut. As of Q3 2022, the company's total assets under management were approximately US$951 billion, making it the largest alternative investment firm globally.[3]. Blackstone CEO Says Worried Investors Behind REIT Redemptions, CRE Prices Continue To Drop While Blackstone Tries To Keep Investors From Bailing, Do Not Sell My Personal Data/Privacy Policy. BlackRock was spun off from Blackstone in 1994 and went public in 1999. The industry is ready to fight back", "Norvergence reveals the real culprit of Amazon deforestation and wildfires", "Mandates of the Working Group on the issue of human rights and transnational corporations and other business enterprises and the Special Rapporteur on adequate housing as a component of the right to an adequate standard of living, and on the right to non-discrimination in this context", "Real Estate Roundtable Lobbying Profile", "UN accuses Blackstone Group of contributing to global housing crisis", History of private equity and venture capital, Private investment in public equity (PIPE), Taxation of private equity and hedge funds, Private equity and venture capital investors, https://en.wikipedia.org/w/index.php?title=Blackstone_Inc.&oldid=1142163022, Companies listed on the New York Stock Exchange, Financial services companies based in New York City, Financial services companies established in 1985, Investment companies based in New York City, Private equity firms of the United States, Venture capital firms of the United States, Publicly traded companies based in New York City, Pages with non-numeric formatnum arguments, Pages containing links to subscription-only content, Articles with incomplete citations from September 2020, Articles containing potentially dated statements from 2019, All articles containing potentially dated statements, Articles with unsourced statements from February 2021, Official website different in Wikidata and Wikipedia, Articles with MusicBrainz label identifiers, Creative Commons Attribution-ShareAlike License 3.0, In December 2005, Blackstone together with a group of firms, including, Blackstone completed the $37.7 billion acquisition of one of the largest owners of commercial office properties in the US. [75] It also planned to raise a fund on the Amsterdam stock exchange in 2006, but its rival, Kohlberg Kravis Roberts & Co., launched a $5 billion fund there that soaked up all demand for such funds, and Blackstone abandoned its project. Schwarzman heir apparent as CEO, Jon Gray, who is also the Blackstone President, earned USD 479.2 million in 2022. At the time of its announcement, the EQ Office buyout became the largest in history, surpassing the buyout of, A consortium led by Blackstone and including the, Blackstone, together with Bain Capital, acquired Michaels, the largest arts and crafts retailer in North America in a $6.0 billion leveraged buyout in October 2006. The marriage was blessed with three children, one of them is film producer Teddy Schwarzman. A crown jewel property fund for wealthy investors, the Blackstone Real Estate Income Trust, faced a line of investors wanting out, prompting it to limit redemptions. [53], While Blackstone was active on the corporate investment side, it was also busy pursuing real estate investments. Schwarzman, who owns some 20% of Blackstone shares, reaped roughly $1 billion in dividends alone. Leading the list this year is Stephen Schwarzman, chairman and CEO of Blackstone Group, with a net worth of $37.4 billion. The annual haul, up from about $1.1 billion a year earlier, underscores Schwarzmans status as one of Wall Streets highest earners with a net worth of $30.6 billion, according to the Bloomberg Billionaires Index. [17][18], The firm advised CBS Corporation on its 1988 sale of CBS Records to Sony to form what would become Sony Music Entertainment. On July 15, 2019, Blackstone announced its plans to acquire Vungle Inc., a leading mobile performance marketing platform. Stephen Schwarzman is one of the most successful businessmen. [39], In 1999, Blackstone launched its mezzanine capital business. Introduction The firm delivered record distributable earnings and realized some of its most profitable fund investments last year, he said. Schwarzman first wife is Ellen Philips, and they got married in 1971, she was a trustee of Northern, western University and also the Mount Sinai Medical Center. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. Stephen was business-oriented even at a very young age his entrepreneurial skills were recognizable, his very first business was a lawn mowing operation where he employed his younger twin brothers to Mow while he sourced for clients, at this time he was just 14 years old. Introduction Blackstone Chief Executive Officer Steve Schwarzman took home a record $1.27 billion for 2022, as the investing titan continued building his fortune into one of the worlds largest. [83][84], In August 2010, Blackstone announced it would buy Dynegy, an energy firm, for nearly $5 billion; however, the acquisition was terminated in November 2010. He also earned $253.1 million in compensation, most of it [56] La Quinta Inns & Suites was spun out for IPO in 2014 and was later acquired by Wyndham Hotels & Resorts[57]. In January 2008, Blackstone made a small co-investment alongside TPG Capital and Apollo Management in their buyout of Harrah's Entertainment, although that transaction had been announced during the buyout boom period. In February 2016, Blackstone sold four office buildings to, In April 2016, Blackstone acquired 84 percent of, On June 19, 2017, Blackstone acquired a majority interest in, In July 2017, the company announced an investment in, In January 2018, the company acquired Pure Industrial, a Canadian, In January 2018, the company announced acquisition agreement for 55% of. Fortune - Blackstone Chief Executive Officer Steve Schwarzman took home a record $1.27 billion for 2022, Blackstone CEO Steve Schwarzman earned an astonishing $1.3 billion last year and lifted his net worth to over $30 billion. [4]:176,197,206207[48] Blackstone also purchased a majority interest in Columbia House, a music-buying club, in mid-2002. Blackstone has a performance-driven compensation model that is built on long-term alignment with our investors, a spokesman said in a statement. Last Updated: January 2023. Investing titan Schwarzman owns around 20% of Blackstone shares. [74] However, Blackstone failed to raise capital through an initial public offering that summer and the project were shelved. Stephen Allen Schwarzman was born on the 14th of February, 1947, in Pennsylvania. Compare BX With Other Stocks From: To: Zoom: 2010 2012 2014 2016 2018 2020 2022 $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 $110 BX Market Capitalization (Billions of Terms & Conditions. Blackstone's most notable transactions during this period included the following: In 2004, Blackstone had explored the possibility of creating a business development company (BDC), Blackridge Investments, similar to vehicles pursued by Apollo Management. Schwarzman is the son of Arline and Joseph Schwarzman. Schwarzman took home more than $1.27 billion last year in compensation and dividends,reportsBloomberg. [45], With a significant amount of capital in its new fund, Blackstone was one of a handful of private equity investors capable of completing large transactions in the adverse conditions of the early 2000s recession. [167], On December 1, 2022, Blackstone Inc. restricted withdrawals from its $125 billion real estate investment fund BRIET due to a surge in redemption requests from investors. Stephen Schwarzman has received a lot of awards and honors through is career. In 1999, he was awarded the American Academy of Achievement Golden Plate Award. 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