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Stephen Schwarzman Biography, House, Yacht, Wife, Career & Net Worth

Blackstone, one of the top investment businesses in the world with $915 billion in assets under management, is led by Stephen Schwarzman chairman, CEO, and co-founder (as of March 31, 2022). Since Blackstone was established in 1985, Mr Schwarzman has participated in all stages of its growth. 

In addition to real estate, where it is currently the largest landowner in the world, hedge fund solutions, where it is the largest discretionary hedge fund investor in the world, and credit, where it is a global leader and major lender of credit for small, middle-market businesses, the company has established leading investing businesses across asset classes.

In private equity, it is a global leader in the traditional buyout, growth equity, special situations, and secondary investing. Blackstone has also lately introduced significant new businesses focused on infrastructure and life sciences investing, as well as providing insurance firms with the firm’s investment management knowledge and products.

Stephen Schwarzman

Stephen Schwarzman

Stephen Schwarzman Bio/Wiki

Birth NameStephen Allen Schwarzman
Nick NameStephen Schwarzman
Age73 years (as in 2022)
ReligionChristian
Sun Sign/Zodiac SignAquarius
Birth PlacePhiladelphia, Pennsylvania, United States
Date of BirthFebruary 14, 1947
NationalityAmerican
HobbiesPlaying Squash

Family

Mother's NameArline Schwarzman
Father's Name
Joseph Schwarzman

Joseph Schwarzman

BrotherMark Schwarzman, Warren Schwarzman
SisterN/A

Girlfriends/Affairs

Affairs/GirlfriendsN/A

Marital Status, Wife and Children

Wife/Spouse
 Christine Hearst Schwarzman

Christine Hearst Schwarzman

ChildrenTeddy Schwarzman, Zibby Owenz, Elizabeth Schwazman

Education

SchoolAbington Senior High School, Abington School District
College/UniversityHarvard Business School (1972), Yale University (1969), Abington Senior High School, Harvard University
ProfessionCEO of the Blackstone Group

Height, Weight, and Figure Measurements

Height (Approx.)5 feet and 7 inches
Weight (Approx.)79 kg

Extra Ordinary Features

Race / EthnicityAmerican
Hair ColorGrey
Eye ColorBlack
S*xual OrientationStraight

Favourite Things

Favourite FoodMexican Cuisine
Favourite BookNA
Favourite ColorsWhite
Favourite SportSquash
ControversiesNone

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Early Life

Schwarzman, the son of Arline and Joseph Schwarzman, was raised in a Jewish household in Huntingdon Valley, Pennsylvania. His father was a Wharton School alumnus and the owner of Schwarzman’s, a defunct dry goods shop in Philadelphia.

When he was 14 years old, Schwarzman started his first company, a lawn-mowing service, where he hired his younger twin brothers, Mark and Warren, to mow while Stephen brought in clients.

Schwarzman attended the suburban Philadelphia school system’s Abington Senior High School, where he earned his diploma in 1965. He studied at Yale University, where he formed the Davenport Ballet Organization and was a member of the senior society Skull & Bones. After receiving his diploma in 1969, he briefly served in the American Army Reserve before enrolling in Harvard Business School, from which he received his degree in 1972.

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Professional Career

Mr Schwarzman is a committed philanthropist who has a history of supporting, among other things, the arts, culture, and education. He committed to giving the vast majority of his wealth to charitable organizations when he signed The Giving Pledge in 2020.

Mr Schwarzman has committed himself to find innovative solutions to complex issues in both business and philanthropy. He gave £150 million to the University of Oxford in June 2019 to assist reimagine humanities education for the twenty-first century.

His gift, the largest single donation to Oxford since the renaissance, will build a new Centre for the Humanities that will house all humanities faculties under one roof for the first time ever. It will also fund the establishment of a new Institute for Ethics in AI and new performing arts and exhibition spaces.

He announced a $350 million foundational gift to create the MIT Schwarzman College of Computing in October 2018. This interdisciplinary hub will refocus MIT to address the opportunities and challenges brought on by the rise of artificial intelligence, including crucial ethical and policy considerations to ensure that the technologies are used for the benefit of all.

In addition to giving a founding gift of $40 million to the Inner-City Scholarship Fund, which offers financial aid for tuition to underprivileged children enrolled in Catholic schools in the Archdiocese of New York, Mr Schwarzman donated $150 million to Yale University in 2015 to establish the Schwarzman Center, a first-of-its-kind campus centre housed in Yale’s historic “Commons” building. In order to teach future leaders about China, he established the “Schwarzman Scholars” international scholarship program at Tsinghua University in Beijing in 2013.

The initiative, which cost over $575 million and was funded primarily by foreign donors, is the single largest charitable undertaking in China’s history. It is based on the Rhodes Scholarship. The Board of Trustees for Schwarzman Scholars is co-chaired by Mr Schwarzman. On the board of the New York Public Library, which he serves on, Mr Schwarzman gave a $100 million donation in 2007.

The Business Council, The Business Roundtable, The Council on Foreign Relations, and The International Business Council of the World Economic Forum are all organizations that Mr Schwarzman belongs to. He served as the Partnership for New York City’s previous co-chair and is currently a member of the boards of The Asia Society, New York-Presbyterian Hospital, and The Advisory Board of the School of Economics and Management at Tsinghua University, Beijing.

In addition to serving as Chairman Emeritus of the Board of Directors of the John F. Kennedy Center for the Performing Arts, he is a Trustee of The Frick Collection in New York City.

Mr Schwarzman was listed on TIME’s 2007 list of the “100 Most Influential People.” He was placed first on Forbes Magazine’s list of the world’s most powerful people in 2018 and first on the publication’s list of the most influential persons in finance in 2016. Both the Légion d’Honneur and the Ordre des Arts et des Lettres at the Commandeur level have been given to Mr. Schwarzman by the Republic of France. 

One of only two Americans, Mr Schwarzman, received both honours for his tremendous services to France. In addition, for his efforts on behalf of the United States in support of the United States-Mexico-Canada Agreement in 2018, he received the Order of the Aztec Eagle, Mexico’s highest distinction for foreigners.

Mr Schwarzman graduated from Yale University with a B.A. and Harvard Business School with an M.B.A. He has held positions on the Harvard Business School Board of Dean’s Advisors and as an adjunct professor at the Yale School of Management.

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Political and Economic Views

Republican Schwarzman is. He has been a close friend of former president Donald Trump for a long time and serves as outside counsel. He also chaired the Strategic and Policy Forum for Trump. In response to criticism for his involvement with the Trump administration, Schwarzman penned a letter to current Schwarzman Scholars, arguing that “having influence and providing sound advice is a good thing, even if it attracts criticism or requires some sacrifice.”

Schwarzman equated a war to Hitler’s invasion of Poland in 1939 when he started in August 2010 that the Obama administration’s proposal to increase the tax rate on carried interest was comparable “There is war. It reminds me of the 1939 invasion of Poland by Hitler.” Later, Schwarzman expressed regret over the comparison

In order to avert a fiscal cliff, Obama summoned Schwarzman in 2012 and asked for his help in negotiating a budget deal with congressional Republicans. Eventually, Schwarzman’s assistance was used to arrange an agreement. By raising taxes, closing tax loopholes, and eliminating deductions, the new tax plan generated an additional $1 trillion in revenue. Later, Obama prepared a formal statement of support for Schwarzman Scholars, a program he started to help students.

He stated in early 2016 that he would choose Donald Trump over Ted Cruz in a two-candidate election, arguing that the country needed a “cohesive, healing presidency, not one that’s lurching either to the right or to the left.” He had given to Marco Rubio in the past, in 2014. He supported Mitt Romney in 2012 and collected money for him as well.

Schwarzman “aided put together” a group of business titans to counsel Trump on the economy and jobs in late 2016. The group, which also includes Bob Iger, the CEO of Walt Disney, Jamie Dimon, the CEO of JPMorgan Chase, and Jack Welch, the former CEO of General Electric, formed Trump’s Strategic and Policy Forum. Schwarzman was appointed chair of the 16-member President’s Strategic and Policy Forum in February.

This group of executives advises the president on “how to create jobs and improve growth for the U.S. economy” and is comprised of “CEOs of America’s biggest corporations, banks, and investment firms.” Following the resignations of five members, President Trump announced the forum’s dissolution on August 16, 2017, via Twitter.

“‘Self-Funded’ Trump Now Propped Up By Super PAC Megadonors,” a report by the non-profit consumer advocacy group Public Citizen, was published in December 2018. Schwarzman gave Trump’s re-election campaign $344,000, according to the article. Schwarzman was named as the White House Strategic and Policy Forum’s chairman by Trump after his election.

He gave the 1820 PAC, a group established specifically to aid Senator Susan Collins of Maine in her bid for reelection, $500,000 twice in 2019 and $500,000 again in 2020. The Senate Leadership Fund, a super PAC connected to Mitch McConnell, received a $15 million donation from Schwarzman in 2020.

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Personal Life

In 1971, Schwarzman wed Ellen Philips, a trustee for Mount Sinai Medical Center and Northwestern University. Teddy Schwarzman, a movie producer, and Zibby Owens, a writer and podcaster, were their two offspring. In 1990, they got a divorce.

In 1995, Schwarzman wed Christine Hearst, an attorney for intellectual property who was born and raised on Long Island, New York. She has a child from a previous marriage. John D. Rockefeller Jr. once owned the duplex flat where he resides, which is located at 740 Park Avenue. Saul Steinberg sold the apartment to Schwarzman. Both his sixty-fifth and seventieth birthday parties cost millions of dollars.

The massive water use of rich Palm Beach homeowners amid an unprecedented drought was covered by The Wall Street Journal in 2011. Schwarzman, who used 7,409,688 gallons of water between June 2010 and May 2011, was among the top five users. The typical Palm Beach resident uses 108,000 gallons of water annually.

Stephen Schwarzman With His Wife

Stephen Schwarzman With His Wife

Stephen Schwarzman Net Worth

Schwarzman’s wealth is obtained from the Blackstone Group, a private equity corporation that, according to the company’s website, had $915 billion in assets under management as of March 31, 2022. The 2021 annual report states that approximately 19% of the publicly traded corporation is owned by Schwarzman.

According to a study of company filings and Bloomberg statistics, he sold Blackstone shares worth approximately $675 million in the company’s June 2007 first public offering and has received more than $5 billion in pay and dividends since 2004. These revenues, along with other insider transactions, taxes, and market performance, are used to determine the value of his cash investments.

According to PJT Partners’ 2022 proxy statement, Schwarzman controls over 5.8 million shares and units that were purchased as part of the company’s spin-off from Blackstone. In 2016, he gave away his Brixmor Property Group shares, according to information gathered by Bloomberg.

Estimated Net Worth in 2022 (Approx)$35 Billion
Estimated Net Worth in 2021 (Approx)$33 Billion
Estimated Net Worth in 2020 (Approx)$31 Billion
Annual Salary$250 Million +

Assets

Houses
Stephen Schwarzman Palm Beach Mansion

Stephen Schwarzman Palm Beach Mansion

CarsNA
Yachts
Stephen Schwarzman Yacht

Stephen Schwarzman Yacht

JetsNA

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FAQs

How much is the net worth of Stephen Schwarzman?
$35 Billion

Who is Stephen Schwarzman’s wife?
Christine Hearst Schwarzman

What is Stephen Schwarzman’s age?
73 years

What is the name of the Stephen Schwarzman firm?
Blackstone Group

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