How much is Stephen Schwarzman’s net worth?
| net worth: | $35 billion |
|---|---|
| age: | 77 |
| Birth: | 14 February, 1947 |
| gender: | Male |
| Height: | 1.72 m (5 ft 8 in) |
| country of origin: | United States of america |
| Sources of funds: | entrepreneur |
| Last Updated: | July 30, 2024 |
Introduction
Stephen Schwarzman is an American businessman, investor, and philanthropist.
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Schwarzman is the chairman and CEO of the Blackstone Group, a global private equity firm he founded in 1985.
In 2019, Forbes ranked Schwarzman 100th on its list of the world’s billionaires.
He served as chairman of President Donald Trump’s Strategic and Policy Forum.
As of July 2024, Stephen Schwarzman’s net worth is estimated to be $35 billion.
early life
Stephen Alan Schwarzman was born on February 14, 1947 in Pennsylvania.
Schwarzman is the son of Arline and Joseph Schwarzman. His father owned Schwarzman’s, a former dry goods store in Philadelphia, and graduated from the Wharton School.
He was educated in the Abington School District in suburban Philadelphia, graduating from Abington Senior High School in 1965.
He studied at Yale University, where he was part of the Skull and Bones secret society.
Livelihood
Stephen Schwarzman’s first job was at the investment bank Donaldson Lufkin & Jenrette, which later merged with Credit Suisse.
After completing business school, Schwarzman worked at the investment bank Lehman Brothers and was made its managing director.
Shortly after, Schwarzman was made head of global mergers and acquisitions and in 1985 he founded the Blackstone Group with his boss, Peter Peterson.
The Blackstone Group was founded to focus on acquisitions and mergers, but eventually expanded to real estate, debt, and alternative assets as well.
Stephen Schwarzman, one of the richest men in America, has done incredibly well as a businessman.
Schwarzman’s successful career
Blackstone went public in 2007, and when doing so it was revealed that Schwarzman had made approximately $398.3 million in 2006.
Stephen Schwarzman’s compensation continued to grow over the following years and in 2017 he was paid $786 million.
During the financial crisis of 2007–2008, Blackstone made small co-investments and, the following year, acquired The Weather Channel for $3.5 billion.
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In 2009, Schwarzman took control of Busch Entertainment Corporation from Anheuser-Busch for $2.9 billion.
Since then, Blackstone has taken over several other companies, including Emdeon, Jack Wolfskin, G6 Hospitality and the Cosmopolitan of Las Vegas.
Blackstone has continued its buying trend and since 2016, it has acquired SESAC, Pure Industrial, Luminor Bank, and Bellagio Resort.
In addition to owning some of the world’s most expensive hotels, Schwarzman’s company also recently acquired Rover.com and Tricon Residential.
Facing criticism
As the founder and CEO of Blackstone, Stephen Schwarzman has been the target of criticism over his business.
In 2022, the Department of Labor investigated and found that over 100 children were illegally employed at Packers Sanitation Services.
The slaughterhouse cleaning company is owned by Blackstone, and so Schwarzman faced a lot of criticism.
Similarly, he has been criticized for investing in companies that have contributed to deforestation in the Amazon rainforest by creating agricultural land.
Additionally, the UN found that Blackstone’s excessive purchases of single-family homes during the 2007 financial crisis had serious consequences.
After purchasing the homes, Blackstone burdened tenants with excessive fees and rent increases, which particularly impacted residents in Black communities.
In this instance, Schwarzman’s business plans targeted people with the lowest paying jobs in America in order to further increase his business wealth.
Schwarzman’s Philanthropy
Stephen Schwarzman has invested in a number of philanthropic causes to counterbalance the backlash he has received over his business decisions.
In 2004, he donated money to help build a new football stadium at Abington Senior High School.
Four years later, he gave $100 million to the New York Public Library for an expansion project.
Schwarzman donated $350 million to the Massachusetts Institute of Technology in 2018 and signed Bill Gates’s Giving Pledge in 2020.
That same year, he pledged $8 million to the USA Track & Field Foundation to prepare for the 2021 Tokyo Olympics.
Most recently, Schwarzman donated $25 million to the Animal Medical Center of New York.
stephen schwarzman net worth
As of July 2024, Stephen Schwarzman’s net worth is estimated to be $35 billion.
How does Stephen Schwarzman spend his money?
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Stephen Schwarzman spends some of his money on real estate.
Stephen Schwarzman’s House
Schwarzman owns homes in Palm Beach, Florida, and Water Mill, New York.
Highlights
Here are some of the best highlights of Stephen Schwarzman’s career:
- Co-founded Blackstone Group (1985)
- International Advisory Board of the Russian Direct Investment Fund (2011)
Favorite quotes from Stephen Schwarzman
“Starting and running a small business is just as hard as starting a big business. The more you struggle to get it started, the more you suffer financially and psychologically. It’s hard to raise money and find the right people.” – Stephen Schwarzman
“No matter how you start your career, it is important to understand that your life will not always move in a straight line. You have to recognize that the world is an unpredictable place. Sometimes even talented people like you lose their way. You will face many hardships and difficulties in your life. When you face setbacks, you have to strengthen yourself and move forward.” – Stephen Schwarzman
“First of all, your idea should be big enough that you can devote your whole life to it. Make sure it has the potential to become huge. Second, it should be unique. When people see what you are offering, they should say to themselves, “Oh my god, I need this. I’ve been waiting for this.” – Stephen Schwarzman
“That’s how real life works. If you encounter a problem, you don’t panic and immediately declare disaster. You call for calm and give everyone time.” – Stephen Schwarzman
“I have a saying: There are no brave old men in finance. Because if you’re brave, you mostly get ruined in your 30s and 40s. If you get to your 50s and 60s and you’re still thriving, you have a good idea of how to avoid problems and when to be conservative or aggressive with your investments.” – Stephen Schwarzman
3 Success Lessons from Stephen Schwarzman
Now that you know all about Stephen Schwarzman’s net worth and his success; let’s take a look at some of the lessons we can learn from him:
1. Listen to your critics
Viewing criticism as a means of grace is vital to a leader’s long-term effectiveness and health.
2. Be patient
A patient leader sets realistic deadlines and sticks to them.
3. Know your surroundings
Get to know your surroundings by asking questions, reading old reports and meeting minutes, and developing a general curiosity about the organization. This takes time, but the tortoise usually wins.
Frequently Asked Questions
How much is Stephen Schwarzman’s net worth?
Stephen Schwarzman’s net worth is estimated at $35 billion.
How old is Stephen Schwarzman?
Stephen Schwarzman was born on 14 February 1947 and currently, he is 77 years old.
How tall is Stephen Schwarzman?
Stephen Schwarzmann has a height of 1.72 m, which is equivalent to 5 feet 8 inches.
Summary
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 graduate school.
Today, he is best known as the co-founder of the Blackstone Group, a firm focused on acquisitions and mergers.
As of July 2024, Stephen Schwarzman’s net worth is estimated to be $35 billion.
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Category: Net worth