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 | |
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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) |
Stephen Allen Schwarzman (born February 14, 1947) is a very successful American businessman. He is the chairman and CEO of Blackstone Group, a huge company that invests in other businesses. He started Blackstone in 1985 with Peter G. Peterson. Schwarzman also served as the chairman of President Donald Trump's Strategic and Policy Forum, a group that advised the president on important economic matters.
As of November 2024, Stephen Schwarzman is one of the richest people in the world. Forbes magazine estimates his wealth to be around $53.3 billion.
Contents
Early Life and Education
Stephen Schwarzman grew up in a Jewish family in Huntingdon Valley, Pennsylvania. His father, Joseph Schwarzman, owned a store that sold clothes and household items in Philadelphia. His father had studied at the Wharton School.
Stephen started his first business when he was just 14 years old. He had a lawn-mowing service and hired his younger twin brothers, Mark and Warren, to do the mowing while he found new customers.
Schwarzman went to school in suburban Philadelphia and graduated from Abington Senior High School in 1965. He then attended Yale University, where he was part of a student society called Skull and Bones. He also started the Davenport Ballet Society there. After graduating in 1969, he served briefly in the United States Army Reserve. Later, he went to Harvard Business School and finished his studies in 1972.
Investment Career
Stephen Schwarzman's first job in finance was at Donaldson, Lufkin & Jenrette, an investment bank. After business school, he worked at another investment bank called Lehman Brothers. He quickly became a managing director at age 31. He then led the global mergers and acquisitions department, which helps companies buy or combine with other companies.
In 1985, Schwarzman and his boss, Peter Peterson, decided to start their own company, The Blackstone Group. At first, Blackstone focused on helping companies with mergers and acquisitions. Over time, Blackstone grew a lot. It started buying businesses, investing in real estate, lending money, and managing many different types of investments. As of September 2024, Blackstone manages about $1.1 trillion in assets, which means they handle a huge amount of money for their clients.
When Blackstone became a public company in 2007, it was revealed that Schwarzman had earned a lot of money from his work. He received hundreds of millions of dollars from selling part of his ownership in Blackstone. In the years that followed, his earnings continued to be very high.
Political Views and Involvement
Stephen Schwarzman is a member of the Republican Party. He generally supports ideas like lower taxes and less government spending.
He has donated money to political campaigns, including for George W. Bush. In 2012, he supported and helped raise money for Mitt Romney's presidential campaign.
Schwarzman became a friend of President Donald Trump. In late 2016, he helped create a team of business leaders to advise Trump on jobs and the economy. This group was called the President's Strategic and Policy Forum. Schwarzman was named the chairman of this forum in February 2017. The forum brought together top business leaders to talk with the president about how to create jobs and improve the U.S. economy. However, the forum was disbanded in August 2017 after some members resigned.
Schwarzman has explained that he believes having influence and giving good advice to leaders is important, even if it means facing criticism. He has continued to provide advice to Donald Trump.
In 2020, Schwarzman donated a lot of money to Republican candidates and groups that support them. In 2022, he said it was "time for the Republican Party to turn to a new generation of leaders." However, in 2024, he announced he would support Donald Trump again, calling it a "vote for change."
Wealth and Influence
Stephen Schwarzman is one of the wealthiest people in the world. His net worth has been estimated at tens of billions of dollars by financial publications like Bloomberg Billionaires Index and Forbes.
Because of his success and wealth, Schwarzman has been named one of Bloomberg's 50 Most Influential people of the year multiple times.
Philanthropy and Giving Back
Stephen Schwarzman is also known for his generous donations to various causes, which is called philanthropy.
In 2004, he donated money to his old high school, Abington Senior High School, to build a new football stadium, which was named the Stephen A. Schwarzman Stadium. In 2018, he gave another $25 million to Abington High School.
In 2008, Schwarzman gave $100 million to the New York Public Library to help it expand. Because of this large gift, the main reference building of the library on 42nd Street and Fifth Avenue was renamed The Stephen A. Schwarzman Building. He also donated $10 million to the National Library of Israel in 2018.
A major project he started is the Schwarzman Scholars program. In 2013, he announced a personal gift of $100 million to create this scholarship program in China. It is based on the famous Rhodes Scholarship. The program is located at Tsinghua University and aims to help young leaders understand China better.
In 2015, Stephen Schwarzman donated $150 million to Yale University, his alma mater. This money was used to create a new campus center in the university's historic "Commons" dining facility.
In 2018, he donated $350 million to the Massachusetts Institute of Technology (MIT) to create the Schwarzman College of Computing. This college focuses on the study of computers and artificial intelligence.
In 2019, the University of Oxford in the United Kingdom announced that Schwarzman had donated £150 million (about $190 million USD) to build the Schwarzman Centre for the Humanities. This center will be a new home for the humanities subjects at the university.
In 2020, Schwarzman signed The Giving Pledge. This is a promise made by some of the world's wealthiest people to give away most of their money to charity during their lifetime or after their death. He also pledged $8 million to the USA Track and Field Foundation to support athletes for the Tokyo and Paris Olympics.
In 2021, Stephen and his wife Christine gave $25 million to the Animal Medical Center of New York. The hospital was then renamed The Stephen and Christine Schwarzman Animal Medical Center.
Personal Life
Stephen Schwarzman married Ellen Philips in 1971. They had two children, Teddy Schwarzman, who is a film producer, and Zibby Owens, a writer and podcaster. They divorced in 1990.
In 1995, Schwarzman 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 was once owned by John D. Rockefeller Jr.. He has also spent millions of dollars on big birthday parties for his sixtieth and seventieth birthdays.
In 2021, Schwarzman bought a large mansion called Miramar in Newport, Rhode Island, for $27 million. He has restored the mansion and filled it with art. He and his wife plan to open the estate to the public after they pass away.
Other Achievements
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 award recognized his efforts to support the United States–Mexico–Canada Agreement, a trade deal between the three countries.
In 2019, Schwarzman wrote a book called What It Takes: Lessons in the Pursuit of Excellence. The book shares lessons from his experiences in business, charity, and public service. It became a New York Times Best Seller.
In 2024, King Charles III of the United Kingdom made Schwarzman an Honorary Knight Commander of the Order of the British Empire (KBE) for his contributions to philanthropy.
In March 2024, Schwarzman visited Gujarat in India to attend celebrations for the wedding of Mukesh Ambani's son, Anant. Mukesh Ambani is one of the richest men in Asia.
See also
- Park Avenue: Money, Power and the American Dream, a documentary that mentions Schwarzman.
