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Stephen Schwarzman Net Worth, Biography & Wiki 2017
Stephen Allen Schwarzman was born on the 14th February 1947 in Philadelphia, Pennsylvania USA. Stephen is a businessman, best known as a founder and the CEO of the Blackstone Group, a global private equity and financial advisory company, established in 1985. Thanks to his firm, Shwarzman has become one of the most successful people in American, since Forbes ranked him as the 62nd most powerful person in the world, as of 2015. He has been active as a businessman since 1985.
Have you ever wondered how rich Stephen Schwarzman is? According to sources, it is estimated that Stephen Schwarzman`s overall net worth is $12.6 billion, an amount earned through his successful career as a businessman.
Stephen Schwarzman Net Worth $12.6 Billion
Stephen was brought up in a Jewish family; growing up in Huntington Valley, Pennsylvania, he attended the Abington Senior High School, from which he graduated in 1965. Stephen then enrolled at the prestigious Yale University – along with George W. Bush, who was one year ahead of him – and graduated with a Bachelor of Arts degree in science in 1969. Afterwards he attended the Harvard Business School, from which he received master of business degree in 1972.
Stephen`s professional career began even before he had finished his education, working in an investment bank, Donaldson, Luftkin and Jenrette (DLJ). However, after his studies he secured a job in Lehman Brothers, another investment bank. Schwarzman left his mark at the bank while working there, as he became managing director at age 31. Furthermore, Stephen was named the head of Lehman Brothers’ global mergers and acquisitions team, increasing his net worth to a large degree.
However, his net worth has been in constant growth since 1985, when he left the Lehman Brothers and founded his own investment group, Blackstone Group, alongside his former boss at the Lehman Brothers, Pete Peterson. Blackstone Group focused on mergers and acquisitions, but over the years has become much more, expanding its business to financial advisory projects.
In 2007, Blackstone went public, after Stephen reported a total earning of $398.3 million in 2006. Nowadays, The Blackstone Group is a large buyout company, with $333 billion in assets under management and record revenues in 2014 of $7.6 billion.
Some of the most successful acquisitions of the company include the German outdoor company Jack Wolfskin in 2011; in 2012, the Group bought G6 Hospitality, better known as Motel 6 & Studio 6 motels, for 1.9 billion; in 2014 Blackstone firstly secured a 20 percent stake in the Italian luxury brand Versace for €150 million, and then the Cosmopolitan of Las Vegas resort from Deutsche Bank for $1.73 billion. Most recently, in October 2015 Blackstone spent $8 billion in acquiring BioMed Realty Trust Inc.
The size of Stephen`s overall net worth reflects in the numerous assets he possesses; he has reportedly spent over $100 million buying a villa in Jamaica, and luxurious residences in the Hamptons, Palm Beach and St. Tropez.
However, Stephen is also recognized for his philanthropic acts, donating $150 million to his alma mater Yale in May 2015 to fund a new student commons. Furthermore, he has funded the expansion of the New York Public Library, with a wing now named by Stephen. Furthermore, Stephen has endorsed education of the less fortunate children through all New York.
Regarding his personal life, Stephen has been married to Christine Hearst since 1995, with whom he has no children, however, Stephen was previously married to Ellen Phillips, from 1971 to 1990, and they have two children.