Stephen Schwarzman is an American investor and businessman who is the CEO and co-founder of Blackstone Group, one of the world’s largest private equity firms. Born in 1947 in Philadelphia, Pennsylvania, Schwarzman earned a Bachelor of Arts degree from Yale University before going on to receive his MBA from Harvard Business School.
After working for a number of financial institutions, including Lehman Brothers, Schwarzman and Peter Peterson co-founded Blackstone Group in 1985. The company quickly grew to become one of the most successful private equity firms in the world, with assets under management of over $600 billion.
Schwarzman’s personal wealth is estimated to be around $31 billion, making him one of the richest people in the world. Much of his wealth comes from his stake in Blackstone Group, which he still owns a significant portion of. In addition to his work at Blackstone, Schwarzman is also known for his philanthropy, having donated millions of dollars to various causes and institutions, including Yale University and the New York Public Library.
Despite his immense wealth, Schwarzman has faced criticism for his high executive pay and his involvement in the private equity industry, which has been accused of causing job losses and other negative impacts on society. Nonetheless, he remains one of the most successful and influential figures in the world of finance and business.
Here is a timeline of the major events and milestones in the life of Stephen Schwarzman:
- 1947: Stephen Schwarzman is born on February 14 in Philadelphia, Pennsylvania.
- 1969: Schwarzman graduates from Yale University with a Bachelor of Arts degree in Abnormal Psychology.
- 1972: Schwarzman earns his MBA from Harvard Business School.
- 1973: Schwarzman begins his career at investment bank Donaldson, Lufkin & Jenrette (DLJ).
- 1985: Schwarzman and Peter Peterson co-found Blackstone Group, a private equity firm.
- 1994: Blackstone Group goes public with an initial public offering (IPO) on the New York Stock Exchange (NYSE).
- 2007: Schwarzman becomes a billionaire after Blackstone Group’s IPO.
- 2011: Schwarzman donates $100 million to the New York Public Library, the largest single donation in the library’s history.
- 2013: Schwarzman donates $150 million to Yale University, his alma mater, to establish the Schwarzman Center, a new student center.
- 2019: Schwarzman’s personal wealth is estimated to be $18.7 billion, according to Forbes.
- 2021: Schwarzman remains the CEO of Blackstone Group and is one of the most influential figures in the world of finance and business.
5 Interesting Facts about Stephen Schwarzman:
- Schwarzman is an avid collector of rare books and has donated millions of dollars to libraries and other cultural institutions.
- He was an early investor in Chinese e-commerce giant Alibaba and has been involved in numerous business deals in Asia.
- Schwarzman served as an economic advisor to President Donald Trump and was a member of the President’s Strategic and Policy Forum.
- He is a member of various boards and councils, including the Council on Foreign Relations and the Business Roundtable.
- Schwarzman has a passion for music and is known to play the piano and sing.
5 Quotes from Stephen Schwarzman:
- “Success depends on people, not capital.”
- “I’m not a collector of things, I’m a collector of experiences.”
- “If you want to be successful, you have to learn how to think big and execute big.”
- “The best business decisions are based on facts, not on hope.”
- “You need to be willing to take risks, but you also need to have a solid foundation of knowledge and experience to back up those risks.”