Investing
Blackstone Chief Steve Schwarzman Earned $425 Million
Published:
Last Updated:
According to a detailed and extensive analysis by Bloomberg, Blackstone Group L.P. (NYSE: BX) CEO Steve Schwarzman earned $425 million last year, which put him at the top of payouts for private equity investors.
The Blackstone Group LP co-founder received $378 million in dividends on his stock ownership in 2016, according to calculations based on the firm’s annual report filed Friday with U.S. regulators. Including his cut of deal profits, salary and other compensation, Schwarzman took home $425 million, down from $734.2 million the previous year.
Also on the list, but nowhere close to Schwarzman, Leon Black of Apollo Global Management LLC (NYSE: APO) made $132 million, George Roberts of KKR & Co. L.P. (NYSE: KKR) earned $118 million, as did his co-chief Henry Kravis.
All pay packages are not created equal, according to Bloomberg:
Unlike at Blackstone and KKR, the founders of Carlyle and Apollo don’t take carried interest. Carlyle’s David Rubenstein received $73.1 million last year and Apollo’s Leon Black took home $131.9 million, almost all of it in stock dividends, according to firm filings last week.
Incidentally, Schwarzman gave himself a party recently. According to the New York Post:
Blackstone billionaire Stephen Schwarzman threw himself a multimillion-dollar 70th birthday party in Palm Beach, Fla. — complete with camels, Mongolian greeters, a custom-built temple and a performance by Gwen Stefani.
For Schwarzman, the cost must have been a drop in the bucket.
Take This Retirement Quiz To Get Matched With A Financial Advisor (Sponsored)
Take the quiz below to get matched with a financial advisor today.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the
advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Take the retirement quiz right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
