Schwarzman's first business was a lawn-mowing operation when he was 14 years old, employing his younger twin brothers, Mark and Warren, to mow while Stephen brought in clients.[6]
When Blackstone went public in June 2007, it revealed in asecurities filing that Schwarzman had earned about $398.3 million in fiscal 2006.[17][18] He ultimately received $684 million for the part of his Blackstone stake he sold in theIPO, keeping a stake then worth $9.1 billion.[19] In the following years, his compensations increased even more: he received $350 million in 2007[20] and $702.4 million in 2008[21]—partly due to stock awards. His salary was $734.2 million in 2015, $425 US million in 2016 and $786 US million in 2017.[22] In 2022, he was paid $253 million, making him the highest paid CEO in the US that year.[23][24]
In June 2007, Schwarzman described his view onfinancial markets with the statement: "I want war, not a series of skirmishes ... I always think about what will kill off the other bidder."[25]
In August 2010, Schwarzman compared theObama administration's plan to raise the tax rate oncarried interest to a war andHitler's invasion of Poland in 1939, stating, "It's a war. It's like when Hitler invaded Poland in 1939."[30][31] Schwarzman later apologized for the analogy.[32][33] In 2012, Obama called Schwarzman and requested his assistance in brokering a budget agreement with Republicans in congress to avoid afiscal cliff.[34] Eventually a deal was brokered with Schwarzman's help. The new tax plan added $1 trillion of additional revenue by raising taxes, closingtax loopholes, and ending deductions. Obama later drafted a formal message of support for Schwarzman Scholars, an education initiative undertaken by Schwarzman.[35]
He endorsed and fundraised for Mitt Romney in 2012.[36] During the 2016 Republican primary, he declined to support any one particular candidate. He identified ascenter-right and said the eventual GOP nominee should appeal to independent voters, not the right wing of the Republican Party. At the same time, he had positive things to say aboutHillary Clinton.[36]
In early 2016, he said that in a two-candidate race he would prefer Donald Trump toTed Cruz, saying that the nation needed a "cohesive, healing presidency, not one that's lurching either to the right or to the left."[37] He had previously made a donation toMarco Rubio in 2014.[36]
In late 2016, Schwarzman "helped put together" a team of corporate executives to advise Trump on jobs and the economy. The group, which includesJPMorgan ChaseCEOJamie Dimon,Walt Disney bossBob Iger and formerGeneral Electric leaderJack Welch, became Trump'sStrategic and Policy Forum.[38][39] In February, Schwarzman was named as chair of the 16-member President's Strategic and Policy Forum, which brought together "CEOs of America's biggest corporations, banks and investment firms" to consult with the president on "how to create jobs and improve growth for the U.S. economy."[40] On August 16, 2017, following five members' resignations, President Trump announced via Twitter he was disbanding the forum.[41]
He is a longtime friend of presidentDonald Trump and provides outside counsel, and served as chair of Trump's Strategic and Policy Forum.[1][42] In response to criticism for his involvement with theTrump administration,[43] Schwarzman penned a letter to currentSchwarzman Scholars, arguing that "having influence and providing sound advice is a good thing, even if it attracts criticism or requires some sacrifice”.[1]
In December 2018, non-profit consumer advocacy organisationPublic Citizen published a report titled:"'Self-Funded' Trump Now Propped Up By Super PAC Megadonors." The report disclosed that Schwarzman donated $344,000 in support of Trump's re-election campaign. Following his election, Trump appointed Schwarzman as the chairman of the White House Strategic and Policy Forum.[44]
In 2020, Schwarzman donated $15 million to theSenate Leadership Fund,[45] asuper-PAC tied toMitch McConnell,[46] $3 million to Donald Trump's America First Action PAC, and a combined total for the election cycle of $33.5 million to Republican candidates. Several of the Republicans he funded voted against certifying the 2020 Presidential Election.[47]
In private, Schwarzman called theJanuary 6 United States Capitol attack an "insurrection" and "an affront to the democratic values we hold dear". However, he stopped short of criticizing Trump over the riot.[28]
In 2022, Schwarzman indicated that he would not support theDonald Trump 2024 presidential campaign, providing in a statement toAxios that it was "time for the Republican Party to turn to a new generation of leaders."[48] In 2024, Schwarzman announced that he would support Donald Trump as a "vote for change."[49]
In 2025, Schwarzman said the tariff situation in the US had put Europe in a unique position to capture more investment from those looking to diversify away from uncertain markets.[50]
In the fall of 2025, Schwarzman became a key player in efforts to resolve the longstanding dispute between the Trump administration andHarvard University over university policies and billions of dollars in research funds.[51]
In November 2025, Schwartzman attended a red carpet dinner at the White House for Saudi Crown PrinceMohammed bin Salman. Bin Salman, invited by President Donald Trump, was making his first visit to the United States since the 2018 killing ofJamal Khashoggi, which U.S. intelligence implicated bin Salman in.[53]
Plaque at theNew York Public Library central reference building honoring Schwarzman's contributions
In 2004, Schwarzman donated a new football stadium, the Stephen A. Schwarzman Stadium, to his high school alma mater,Abington High School.[54] In 2018, he donated an additional $25 million to Abington, and the donation was contingent on several conditions, including naming rights to the school. After the public learned about the deal, a new agreement was made and Schwarzman removed several of the conditions for his donation, including renaming the school.[55]
In 2008, Schwarzman announced that he contributed $100 million toward the expansion of theNew York Public Library, of which he serves as a trustee. Thecentral reference building on 42nd Street andFifth Avenue was renamed the Stephen A. Schwarzman Building.[56]
In 2021, Schwarzman and his wife Christine gave $25 million to theAnimal Medical Center of New York in New York City. The hospital was renamed The Stephen and Christine Schwarzman Animal Medical Center.[72]
Schwarzman was found in the Epstein Files 179 times.
Schwarzman purchased theMiramar mansion inNewport, Rhode Island, for $27 million in 2021. He restored it and filled it with art, and has stated that he and his wife intend to open the estate to the public after their deaths.[78][79]
In 2011,The Wall Street Journal reported on the vast water consumption of wealthyPalm Beach residents during exceptional drought conditions.[80] Schwarzman was listed as a top-five water user, having consumed 7,409,688 gallons between June 2010 and May 2011. The average Palm Beach resident consumes 108,000 gallons per year.[81] In 2025, Schwarzman had tankers of water delivered fromstandpipes in a drought-affected area ofHampshire, England, to his 2,500-acre estateConholt Park in the neighboring county ofWiltshire, to help fill a lake on his land. TheBBC reported thatSouthern Water had, in response, imposed a ban on tankers taking the water.[82]
According toBloomberg Billionaires Index, he had anet worth of $32 billion as of October 2022.[83] According toForbes, Schwarzman has a net worth of $39 billion, as of April 2024.[2] He spent millions of dollars on both his sixtieth and seventieth birthday parties.[84][85]
In 2019, Schwarzman wrote his first book titled,What It Takes: Lessons in the Pursuit of Excellence, "which draws from his experiences in business, philanthropy and public service." His book became aNew York Times Best Seller.[92] However, the title was included with a dagger next to it, used to indicate that retailers reported receiving bulk purchases.[93]
^The Blackstone Group Inc."Our People".www.blackstone.com.Archived from the original on February 2, 2017. RetrievedMarch 31, 2020.
^"NYTimes".The New York Times. Archived from the original on August 21, 2022. RetrievedAugust 21, 2022.{{cite news}}: CS1 maint: bot: original URL status unknown (link)
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