Stephen A. Schwarzman

Template:Short description Template:About Template:Use mdy dates Template:Infobox officeholder Stephen Allen Schwarzman (born February 14, 1947) is an American businessman. He is the chairman and CEO of the private equity firm Blackstone Inc., which he established in 1985 with Peter G. Peterson. Schwarzman was chairman of President Donald Trump's Strategic and Policy Forum.<ref name="bloomberg.com">Template:Cite news</ref>

According to Forbes, Schwarzman has a net worth of US$43 billion as of May 2025.<ref name=":0">Template:Cite web</ref>

Early life and education

Schwarzman was raised in a Jewish family in Huntingdon Valley, Pennsylvania, the son of Arline and Joseph Schwarzman.<ref name="nytimes1">Template:Cite news</ref><ref name="jpost1">Template:Cite web</ref> His father owned Schwarzman's, a former dry-goods store in Philadelphia, and was a graduate of the Wharton School.<ref name="nytimes.com">Template:Cite news</ref>

Schwarzman's first business was a lawn-mowing operation when he was 14 years old, employing his younger twin brothers, Mark and Warren, to mow while Stephen brought in clients.<ref>Template:Cite magazine</ref>

Schwarzman attended the Abington School District in suburban Philadelphia and graduated from Abington Senior High School in 1965.<ref>Template:Cite web</ref> He attended Yale University, where he was a member of senior society Skull and Bones and founded the Davenport Ballet Society.<ref>Evan Thomas and Daniel Gross, "Taxing the Super Rich", Newsweek, July 23, 2007</ref><ref>Andrew Clark, "The Guardian profile: Stephen Schwarzman", The Guardian, June 15, 2007</ref><ref>Template:Cite web</ref> After graduating in 1969, he briefly served in the U.S. Army Reserve before attending Harvard Business School, where he graduated in 1972.<ref>Template:Cite web</ref>

Investment career

Schwarzman's first job in financial services was with Donaldson, Lufkin & Jenrette, an investment bank that merged with Credit Suisse in 2000. After business school, Schwarzman worked at the investment bank Lehman Brothers, became a managing director at age 31, and then head of global mergers and acquisitions.<ref>Template:Cite book</ref> In 1985, Schwarzman and his boss, Peter Peterson, started The Blackstone Group, which initially focused on mergers and acquisitions.<ref>Template:Cite web</ref><ref>King of Capital, pp. 45–56</ref> Blackstone branched into business acquisition, real estate, direct lending, alternative assets, and had $1.1 trillion in assets under management as of September 30, 2024.<ref>Template:Cite web</ref><ref>Template:Cite web</ref>

When Blackstone went public in June 2007, it revealed in a securities filing that Schwarzman had earned about $398.3 million in fiscal 2006.<ref>[1] Template:Webarchive</ref><ref>Michael Flaherty, "Blackstone Co-Founders to Get $2.3 Billion Post IPO", Reuters, June 11,</ref> He ultimately received $684 million for the part of his Blackstone stake he sold in the IPO, keeping a stake then worth $9.1 billion.<ref>King oReferencesapital, p. 3</ref> In the following years, his compensations increased even more: he received $350 million in 2007<ref>Template:Cite news</ref> and $702.4 million in 2008<ref>Template:Cite web</ref>—partly due to stock awards. His salary was $734.2 million in 2015, $425 US million in 2016 and $786 US million in 2017.<ref>Template:Cite news</ref> In 2022, he was paid $253 million, making him the highest paid CEO in the US that year.<ref>Template:Cite news</ref><ref>Template:Cite web</ref>

In June 2007, Schwarzman described his view on financial markets with the statement: "I want war, not a series of skirmishes ... I always think about what will kill off the other bidder."<ref name="Andrew Clark">Template:Cite news</ref>

In September 2011, Schwarzman was listed as a member of the international advisory board of the Russian Direct Investment Fund.<ref>Template:Cite web</ref>

As of 2025, Schwarzman is a member of The Business Council.<ref>Template:Cite web</ref>

Political and economic views

Schwarzman is a Republican who favors lower taxes, lower government spending, and reproductive rights.<ref name="Kelly">Template:Cite news</ref> He raised $100,000 for George W. Bush's political endeavors.<ref>Template:Cite web</ref>

In August 2010, Schwarzman compared the Obama administration's plan to raise the tax rate on carried interest to a war and Hitler's invasion of Poland in 1939, stating, "It's a war. It's like when Hitler invaded Poland in 1939."<ref>Template:Cite magazine</ref><ref>Template:Cite news</ref> Schwarzman later apologized for the analogy.<ref>Template:Cite news</ref><ref>Template:Cite news</ref> In 2012, Obama called Schwarzman and requested his assistance in brokering a budget agreement with Republicans in congress to avoid a fiscal cliff.<ref>Template:Cite news</ref> Eventually a deal was brokered with Schwarzman's help. The new tax plan added $1 trillion of additional revenue by raising taxes, closing tax loopholes, and ending deductions. Obama later drafted a formal message of support for Schwarzman Scholars, an education initiative undertaken by Schwarzman.<ref>Template:Cite web</ref>

He endorsed and fundraised for Mitt Romney in 2012.<ref name=CNN>Template:Cite web</ref> During the 2016 Republican primary, he declined to support any one particular candidate. He identified as center-right and said the eventual GOP nominee should appeal to independent voters, not the right wing of the Republican Party. At the same time, he had positive things to say about Hillary Clinton.<ref name=CNN/>

In early 2016, he said that in a two-candidate race he would prefer Donald Trump to Ted Cruz, saying that the nation needed a "cohesive, healing presidency, not one that's lurching either to the right or to the left."<ref>Template:Cite web</ref> He had previously made a donation to Marco Rubio in 2014.<ref name=CNN/>

In late 2016, Schwarzman "helped put together" a team of corporate executives to advise Trump on jobs and the economy. The group, which includes JPMorgan Chase CEO Jamie Dimon, Walt Disney boss Bob Iger and former General Electric leader Jack Welch, became Trump's Strategic and Policy Forum.<ref name="theintercept_infrastructure_Trump">Template:Cite news</ref><ref name="CNN_Schwarzman_SaudiArabia">Template:Cite news</ref> In February, Schwarzman was named as chair of the 16-member President's Strategic and Policy Forum, which brought together "CEOs of America's biggest corporations, banks and investment firms" to consult with the president on "how to create jobs and improve growth for the U.S. economy."<ref>Template:Cite magazine</ref> On August 16, 2017, following five members' resignations, President Trump announced via Twitter he was disbanding the forum.<ref>Template:Cite news</ref>

He is a longtime friend of president Donald Trump and provides outside counsel, and served as chair of Trump's Strategic and Policy Forum.<ref name="bloomberg.com" /><ref>Template:Cite web</ref> In response to criticism for his involvement with the Trump administration,<ref>Template:Cite news</ref> 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”.<ref name="bloomberg.com" />

In December 2018, non-profit consumer advocacy organisation Public Citizen published a report titled: Template:"'Self-Funded' Trump Now Propped Up By Super PAC Megadonors." The report disclosed that Schwarzman donated $344,000 in support of Trump's re-election campaign. Following his election, Trump appointed Schwarzman as the chairman of the White House Strategic and Policy Forum.<ref name="Trump's megadonor">Template:Cite web</ref>

In 2020, Schwarzman donated $15 million to the Senate Leadership Fund,<ref>Template:Cite web</ref> a super-PAC tied to Mitch McConnell,<ref>Template:Cite news</ref> $3 million to Donald Trump's America First Action PAC, and a combined total for the election cycle of $33.5 million to Republican candidates. Several of the Republicans he funded voted against certifying the 2020 Presidential Election.<ref>Template:Cite news</ref>

In private, Schwarzman called the January 6 United States Capitol attack an "insurrection" and "an affront to the democratic values we hold dear". However, he stopped short of criticizing Trump over the riot.<ref name="Kelly" />

In 2022, Schwarzman indicated that he would not support the Donald Trump 2024 presidential campaign, providing in a statement to Axios that it was "time for the Republican Party to turn to a new generation of leaders."<ref>Template:Cite web</ref> In 2024, Schwarzman announced that he would support Donald Trump as a "vote for change."<ref>Template:Cite web</ref>

In 2025, Schwarzman said the tariff situation in the US had put Europe in a unique position to capture more investment from those looking to diversify away from uncertain markets.<ref>Template:Cite web</ref>

In the fall of 2025, Schwarzman became a key player in efforts to resolve the longstanding dispute between the Trump administration and Harvard University over university policies and billions of dollars in research funds.<ref>"Billionaire Trump Ally Emerges as Key Broker in Harvard Fight - The New York Times"</ref>

In October 2025, Schwarzman was named by the White House as a donor to the construction of the White House State Ballroom, a proposed 90,000-square-foot expansion of the East Wing.<ref>Template:Cite web</ref>

In November 2025, Schwartzman attended a red carpet dinner at the White House for Saudi dictator Mohammed bin Salman. Bin Salman, invited by President Donald Trump, was making his first visit to the United States since the 2018 killing of Jamal Khashoggi, which U.S. intelligence implicated bin Salman in.<ref>Template:Cite news</ref>

Plaque at the New York Public Library central reference building honoring Schwarzman's contributions

Philanthropy

In 2004, Schwarzman donated a new football stadium to Abington Senior High School—the Stephen A. Schwarzman Stadium.<ref name="tny">Template:Cite magazine</ref>

In 2018, it was announced that Schwarzman gave $25 million to Abington High School, his alma mater. However, this donation was contingent on several conditions, including naming rights to the school. After the public learned about the deal, a new agreement was made and Schwarzman removed several of the conditions for his donation, including renaming the school.<ref>Template:Cite news</ref>

In 2018, Schwarzman donated $350 million to the Massachusetts Institute of Technology to create the Schwarzman College of Computing.<ref>Template:Cite news</ref> In 2019, the University of Oxford announced that Schwarzman had donated £150 million to establish the Schwarzman Centre for the Humanities.<ref>Template:Cite news</ref><ref>Template:Cite news</ref> In 2008, Schwarzman announced that he contributed $100 million toward the expansion of the New York Public Library, of which he serves as a trustee. The central reference building on 42nd Street and Fifth Avenue was renamed the Stephen A. Schwarzman Building.<ref>Template:Cite news</ref> In 2021, Schwarzman and his wife Christine gave $25 million to the Animal Medical Center of New York in New York City. The hospital was renamed The Stephen and Christine Schwarzman Animal Medical Center.<ref>Template:Cite web</ref>

In 2013, Schwarzman announced a $100 million personal gift to establish and endow a scholarship program in China, Schwarzman Scholars, modeled after the Rhodes Scholarship program.<ref>Template:Cite web</ref> The Schwarzman Scholars program is housed at Tsinghua University.<ref name=":32">Template:Cite book</ref>Template:Rp Since its inception, the program has maintained ties to the United Front Work Department as well as other organizations and personnel affiliated with the Chinese Communist Party.<ref>Template:Cite news</ref><ref>Template:Cite news</ref><ref>Template:Cite news</ref> Schwarzman has also worked on developing a network of scholars who understand China.<ref name=":32" />Template:Rp

In 2015, Peter Salovey, the president of Yale University, announced that Schwarzman contributed $150 million to fund a campus center in the university's "Commons" dining facility.<ref>Template:Cite web</ref><ref>Template:Cite news</ref> He has sat on the board of trustees of New York-Presbyterian Hospital since 2016.<ref name=NYP>Template:Cite web</ref> Schwarzman announced in February 2020 that he had signed The Giving Pledge, committing to give the majority of his wealth to philanthropic causes.<ref>Template:Cite web</ref><ref>Template:Cite web</ref> In 2018, Schwarzman donated $10 million to another library, the National Library of Israel.<ref>Template:Cite news</ref> In 2020, Schwarzman pledged to give $8 million to the USA Track and Field Foundation in the run-up to the 2021 Tokyo and 2024 Paris Olympics.<ref>Template:Cite web</ref>

Personal life

Schwarzman married his first wife Ellen Philips in 1971, a trustee of Northwestern University and the Mount Sinai Medical Center. They had two children: film producer Teddy Schwarzman<ref name="newyorker.com">Template:Cite news</ref><ref>Template:Cite news</ref> and writer and podcaster Zibby Owens.<ref>Template:Cite web</ref> The couple divorced in 1990.<ref name="newyorker.com" />

Schwarzman married Christine Hearst in 1995, an intellectual property lawyer who grew up on Long Island, New York.<ref name="newyorker.com"/> She has one child from a previous marriage.<ref name="Andrew Clark"/>

He lives in a duplex apartment at 740 Park Avenue previously owned by John D. Rockefeller Jr. Schwarzman purchased the apartment from Saul Steinberg.<ref>Template:Cite web</ref><ref>Template:Cite news</ref>

Schwarzman purchased the Miramar mansion in Newport, Rhode Island, for $27 million in 2021. He restored it and filled it with art, and has stated that he and his wife intend to open the estate to the public after their deaths.<ref>Template:Cite magazine</ref><ref>Template:Cite news</ref>

In 2011, The Wall Street Journal reported on the vast water consumption of wealthy Palm Beach residents during exceptional drought conditions.<ref>Template:Cite web</ref> Schwarzman was listed as a top-five water user, having consumed 7,409,688 gallons between June 2010 and May 2011. The average Palm Beach resident consumes 108,000 gallons per year.<ref>Template:Cite web</ref> In 2025, Schwarzman had tankers of water delivered from standpipes in a drought-affected area of Hampshire, England, to his 2,500-acre estate Conholt Park in the neighboring county of Wiltshire, to help fill a lake on his land. The BBC reported that Southern Water had, in response, imposed a ban on tankers taking the water.<ref>Template:Cite news</ref>

According to Bloomberg Billionaires Index, he had a net worth of $32 billion as of October 2022.<ref name="Bloomberg">Template:Cite magazine</ref> According to Forbes, Schwarzman has a net worth of $39 billion, as of April 2024.<ref name=":0" /> He spent millions of dollars on both his sixtieth and seventieth birthday parties.<ref>Template:Cite news</ref><ref>Template:Cite web</ref>

Schwarzman's art collection includes the iconic full-length Portrait of Lady Worsley by Joshua Reynolds that was bought from the family of David Lascelles, Earl of Harewood, for £25 million.

Awards and recognition

In 1999, Schwarzman received the American Academy of Achievement's Golden Plate Award.<ref>Template:Cite web</ref> In 2018, Schwarzman was awarded the Plaque degree of the Order of the Aztec Eagle by Mexico President Enrique Peña Nieto for his role in supporting the United States–Mexico–Canada Agreement.<ref>Template:Cite web</ref> In 2024, King Charles III made Schwarzman an Honorary Knight Commander of the Order of the British Empire (KBE) for services to philanthropy.<ref>Template:Cite web</ref>

In 2007, Schwarzman was listed among TimeTemplate:'s 100 Most Influential People in The World.<ref>Template:Cite magazine</ref> In 2014 and 2016, Schwarzman was named as one of Bloomberg's 50 Most Influential people of the year.<ref>Template:Cite web</ref><ref>Template:Cite news</ref>

In 2019, Schwarzman wrote his first book titled, What It Takes: Lessons in the Pursuit of Excellence, "which draws from his experiences in business, philanthropy and public service." His book became a New York Times Best Seller.<ref>Template:Cite web</ref> However, the title was included with a dagger next to it, used to indicate that retailers reported receiving bulk purchases.<ref>Template:Cite news</ref>

See also

• Park Avenue: Money, Power and the American Dream, a documentary about the wealth gap that refers to Schwarzman.

Further reading

• King of Capital: The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone.
• Greed and Glory on Wall Street—The Fall of the House of Lehman by Ken Auletta, The Overlook Press, New York, Template:ISBN

External links

• Template:C-SPAN