Stephen Schwarzman
Born 1947 · Age 78
American businessman; co‑founder, chairman and CEO of The Blackstone Group; major philanthropist and political advisor.
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Life & Career Timeline
Started lawn-mowing business
Started a lawn-mowing operation at age 14, employing his younger twin brothers.
Graduated Abington Senior High School
Completed public schooling in the Abington School District (suburban Philadelphia).
Graduated Yale University (BA)
Graduated from Yale University (studied social sciences); member of Skull and Bones and founded the Davenport Ballet Society.
Joined Donaldson, Lufkin & Jenrette
First job in financial services; worked ~6 months at DLJ after Yale and before Harvard Business School.
Served in U.S. Army Reserve
Brief military service in the Army Reserve after graduating from Yale.
Graduated Harvard Business School (MBA)
Completed MBA at Harvard Business School and moved into corporate finance and investment banking career.
Joined Lehman Brothers
Joined Lehman Brothers after business school and built a career in mergers & acquisitions.
Became Managing Director at Lehman Brothers
Promoted to managing director at age 31 and rose to head global M&A.
Managed Lehman Brothers acquisition by Shearson/American Express
Played a key role as Lehman was acquired by Shearson/American Express (industry-shaping transaction).
Co-founded The Blackstone Group
Founded Blackstone with Peter G. Peterson; started with two employees and $400,000 of founder capital.
Raised first private equity fund (~mid-1980s)
Raised nearly $1 billion for Blackstone's first private equity fund (mid‑1980s fundraising success).
Expanded Blackstone into real estate investment
Founded Blackstone Real Estate Advisors and began large real estate acquisitions (took advantage of depressed prices).
Golden Plate Award, American Academy of Achievement
Received the Academy's Golden Plate Award in recognition of career accomplishments.
Donated stadium to Abington High School
Donated a new football stadium named the Stephen A. Schwarzman Stadium to his alma mater.
Revealed fiscal 2006 compensation
Securities filing revealed Schwarzman earned about $398.3 million in fiscal 2006.
Received $350M compensation (2007)
Reported compensation around $350 million in 2007 (partly stock awards).
Proceeds from IPO stake sale
Received approximately $684 million for the part of his Blackstone stake he sold in the IPO; retained stake then worth $9.1B.
Named to Time 100 (2007)
Included in Time magazine's list of the 100 Most Influential People in the World.
Acquired Equity Office Properties (EOP)
Blackstone completed the largest leveraged buyout at the time—Equity Office Properties (widely reported value ~$34B–$40B range).
Acquisition of Hilton Hotels (2007)
Blackstone acquired Hilton Hotels (major hospitality acquisition reported in 2007).
Blackstone IPO
Blackstone went public in June 2007 in one of the largest IPOs; founders sold parts of their stakes.
Blackstone acquired GSO Capital Partners
GSO (credit investment platform) acquired for an estimated ~$1 billion; became Blackstone's credit arm (2008).
Committed $100M to New York Public Library
Announced a $100 million gift toward renovation and expansion of the NYPL main branch (building later renamed in his honor).
Received $702.4M compensation (2008)
Reported compensation of about $702.4 million in 2008 (partly due to stock awards).
Controversial public statement and apology
In August 2010 compared proposed tax changes on carried interest to 'Hitler invading Poland' and later apologized for the analogy.
Stepped down as Chairman of the Kennedy Center
Ended tenure as Chairman of the Board of Directors of the John F. Kennedy Center for the Performing Arts (served May 2004–2010).
Reported high Palm Beach water use during drought (2010–2011)
Named a top-five water user in Palm Beach, consuming ~7,409,688 gallons between June 2010 and May 2011 (publicized in 2011).
Public political fundraising and influence (early 2010s–2020s)
Active political fundraising and advising: raised $100,000 for George W. Bush, fundraised for Mitt Romney (2012), advised Obama on fiscal-cliff talks (2012), and later backed various Republican causes; significant donations in 2020 cycle.
Joined international advisory board of the Russian Direct Investment Fund
Listed as a member of RDIF's international advisory board (September 2011).
Announced $100M gift to create Schwarzman Scholars
Announced a $100 million personal gift to establish Schwarzman Scholars at Tsinghua University and launched a fundraising campaign (goal $200M).
Named in Bloomberg's 50 Most Influential (2014 & 2016 included)
Recognized repeatedly among the world's most influential financiers (Bloomberg lists in 2014 and 2016).
Donated $150M to Yale University
Gave $150 million to fund a campus cultural hub — the Schwarzman Center in Yale's Commons building.
Donor to Inner-City Scholarship Fund (founding gift)
Provided a founding gift of $40 million to the Inner-City Scholarship Fund in New York.
Inaugural Schwarzman Scholars class enrolled; Schwarzman College opening ceremony
Schwarzman Scholars inaugural class and opening ceremony at Tsinghua University (September 10, 2016).
Named Chair of President’s Strategic and Policy Forum
Appointed chair of President Donald Trump's Strategic and Policy Forum (forum met Feb–Aug 2017).
70th birthday celebration (high-profile event)
Hosted an extravagant 70th birthday party in Palm Beach attended by high-profile guests (widely reported).
Strategic and Policy Forum disbanded
Forum disbanded after several resignations; President announced dissolution via Twitter (Aug 16, 2017).
Donated $10M to National Library of Israel
Made a $10M donation to the National Library of Israel.
Donated $350M to MIT to create Schwarzman College of Computing
Announced a foundational $350 million gift to MIT, enabling a $1B+ college initiative for AI and computing (October 2018 announcement).
Awarded Order of the Aztec Eagle (Plaque degree)
Received Mexico's highest honor for foreigners in recognition of work on USMCA-related efforts.
Published 'What It Takes: Lessons in the Pursuit of Excellence'
Published first book; it became a New York Times bestseller (reports of bulk purchases noted).
Donated £150M to University of Oxford (announced)
Announced a gift (reported ~£150 million) to establish the Schwarzman Centre for the Humanities at Oxford University.
Political donations in 2020 cycle
Reported donations: $15M to the Senate Leadership Fund, $3M to America's First Action PAC, $33.5M total to Republican candidates in the cycle.
Signed The Giving Pledge
Committed to give the majority of his wealth to philanthropic causes.
Named to boards and cultural trustee roles (ongoing)
Serves on boards/trusteeships including New York-Presbyterian (board of trustees since 2016), The Frick Collection (trustee), Asia Society, and is Chairman Emeritus of the Kennedy Center.
Elected Wykeham Fellow at New College, Oxford
Recognized by Oxford University with a Wykeham Fellowship (2021).
Purchased Miramar mansion in Newport, RI
Acquired the Miramar estate for $27 million; began restoration and stated intent to open it to the public after his and his wife's deaths.
Highest-paid CEO in US (2022) — paid $253M
Reportedly paid $253 million in 2022, the highest-paid CEO in the U.S. that year.
Elected Waynflete Fellow at Magdalen College, Oxford
Elected a Waynflete Fellow at Magdalen College (2023).
Blackstone crosses $1 trillion AUM (Q2 2023)
Blackstone became the first firm in its sector to reach $1 trillion in assets under management in Q2 2023 (reported inflows of $30.1B that quarter).
Created Honorary KBE by King Charles III
Created an Honorary Knight Commander of the Order of the British Empire for services to philanthropy (2024).
Blackstone AUM reported at $1.1 trillion (Sept 30, 2024)
Blackstone reported $1.1 trillion in assets under management as of September 30, 2024.
Net worth reported by Forbes (May 2025)
Forbes reported Schwarzman's net worth as US$43 billion (May 2025).
Blackstone AUM reported at $1.2 trillion (June 30, 2025)
Blackstone's corporate profile lists $1.2 trillion Assets Under Management as of June 30, 2025.
Key Achievement Ages
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