Investing
Blackstone Chief Steve Schwarzman Earned $425 Million
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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.
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