Blackstone Chief Steve Schwarzman Earned $425 Million

By Douglas A. McIntyre Updated Jan 12, 2:30PM EST · Published Feb 25, 9:55AM EST

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Blackstone Chief Steve Schwarzman Earned $425 Million — © Thinkstock

[cnxvideo id=”508886″ placement=”ros”]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.

Bloomberg reported:

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.

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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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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.