Stephen A. Schwarzman facts for kids
Quick facts for kids
Stephen Schwarzman
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Schwarzman in 2024
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| Chairman of the Strategic and Policy Forum | |
| In office January 20, 2017 – August 16, 2017 |
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| President | Donald Trump |
| Preceded by | Position established |
| Succeeded by | Position abolished |
| Personal details | |
| Born |
Stephen Allen Schwarzman
February 14, 1947 Philadelphia, Pennsylvania, US |
| Political party | Republican |
| Spouses | Ellen Philips (1971–1990) Christine Mularchuk Hearst (1995–present) |
| Children | 3, including Teddy and Zibby |
| Education | Yale University (BA) Harvard University (MBA) |
| Known for | Cofounder, chairman and CEO of Blackstone |
Stephen Allen Schwarzman (born February 14, 1947) is a very successful American businessman. He is the chairman and CEO of the Blackstone Group, a large company he started in 1985. Blackstone helps other companies grow and manages a lot of money for investors.
As of May 2025, Stephen Schwarzman's wealth is estimated to be around $43 billion. This makes him one of the richest people in the world.
Contents
Early Life and Education
Stephen Schwarzman grew up in a Jewish family in Huntingdon Valley, Pennsylvania. His father owned a store in Philadelphia that sold clothes and household items.
When Stephen was 14, he started his first business. He had a lawn-mowing service and hired his younger twin brothers to help him. Stephen focused on finding new customers.
He went to Abington Senior High School and graduated in 1965. After high school, he attended Yale University. He later studied at Harvard Business School and graduated in 1972.
Investment Career
Stephen Schwarzman began his career in finance at an investment bank called Donaldson, Lufkin & Jenrette. After business school, he worked at Lehman Brothers. By age 31, he became a managing director, leading global mergers and acquisitions. This means he helped companies combine or buy other companies.
In 1985, Schwarzman and his boss, Peter Peterson, started The Blackstone Group. At first, Blackstone focused on helping companies merge or be bought. Over time, Blackstone grew to include many different types of investments. They now invest in businesses, real estate, and other assets. As of September 2024, they managed over $1.1 trillion in assets.
When Blackstone became a public company in 2007, it was a big event. Schwarzman earned a lot of money from selling some of his shares. He continued to earn large amounts in the following years. In 2022, he was the highest-paid CEO in the United States.
Political and Economic Views
Stephen Schwarzman is a member of the Republican Party. He generally supports lower taxes and less government spending.
In 2012, President Barack Obama asked Schwarzman for help. Obama wanted to reach an agreement with Republicans in Congress about the national budget. Schwarzman helped to make a deal that raised taxes and closed some tax loopholes.
Schwarzman supported and helped raise money for Mitt Romney in 2012. In 2016, he did not support a specific candidate at first. He believed the Republican candidate should appeal to many different voters.
Later in 2016, Schwarzman helped create a group of business leaders. This group advised President Donald Trump on jobs and the economy. It was called the Strategic and Policy Forum. Schwarzman was the chairman of this group. The forum was disbanded in August 2017.
Schwarzman is a long-time friend of Donald Trump. He has given advice to the Trump administration. He explained that having influence and giving good advice is important, even if it brings criticism.
In 2020, Schwarzman donated a lot of money to Republican candidates. He gave $15 million to a group connected to Mitch McConnell. He also gave $3 million to Donald Trump's campaign group.
In 2022, Schwarzman said it was time for the Republican Party to find new leaders. However, in 2024, he announced his support for Donald Trump again. He said it was a "vote for change."
Wealth and Recognition
Stephen Schwarzman is one of the wealthiest people in the world. His net worth was estimated at $39 billion in April 2024.
He has been recognized for his influence in the business world. In 2014 and 2016, he was named one of Bloomberg's 50 Most Influential people.
Philanthropy
Stephen Schwarzman is known for his generous donations to many causes.
In 2004, he donated a new football stadium to Abington Senior High School, his old school. It was named the Stephen A. Schwarzman Stadium.
In 2008, Schwarzman gave $100 million to the New York Public Library. He is a trustee there. The main library building on 42nd Street was renamed the Stephen A. Schwarzman Building in his honor. In 2018, he also donated $10 million to the National Library of Israel.
In 2013, Schwarzman announced a $100 million gift to start a scholarship program in China. This program, called Schwarzman Scholars, is similar to the Rhodes Scholarship. It helps students study at Tsinghua University in China.
In 2015, he gave $150 million to Yale University to create a new campus center. He also serves on the board of trustees for New York-Presbyterian Hospital.
In 2018, he gave $25 million to his old high school, Abington High School. This donation helped the school, and some conditions for the gift were later changed.
Schwarzman donated $350 million to the Massachusetts Institute of Technology (MIT) in 2018. This gift helped create the Schwarzman College of Computing.
In 2019, the University of Oxford in the UK announced that Schwarzman had donated £150 million. This money will help build the Schwarzman Centre for the Humanities.
In 2020, Schwarzman signed The Giving Pledge. This means he has promised to give away most of his wealth to charity. He also pledged $8 million to the USA Track & Field Foundation for the 2021 Tokyo and 2024 Paris Olympics.
In 2021, Stephen and his wife Christine gave $25 million to the Animal Medical Center of New York. The hospital was renamed The Stephen and Christine Schwarzman Animal Medical Center.
Personal Life
Stephen Schwarzman married Ellen Philips in 1971. They had two children, Teddy and Zibby. They divorced in 1990.
In 1995, he married Christine Hearst. She is a lawyer and has one child from a previous marriage.
He lives in a large apartment in New York City that used to belong to John D. Rockefeller Jr.. He also bought a mansion called Miramar in Newport, Rhode Island, in 2021. He plans to open this estate to the public after he and his wife pass away.
Awards and Honors
In 1999, Schwarzman received the Golden Plate Award from the American Academy of Achievement.
In 2018, he was given the Plaque degree of the Order of the Aztec Eagle by the President of Mexico. This was for his work supporting the trade agreement between the U.S., Mexico, and Canada.
In 2019, Schwarzman wrote a book called What It Takes: Lessons in the Pursuit of Excellence. The book shares his experiences in business and philanthropy. It became a New York Times Best Seller.
In 2024, King Charles III made Schwarzman an Honorary Knight Commander of the Order of the British Empire (KBE). This honor was given for his contributions to charity.
See also
- Park Avenue: Money, Power and the American Dream, a documentary that mentions Schwarzman.
