Schwarzman Collects $787 Million in ’17 to Rule Over Wall Street
Schwarzman Collects $787 Million in ’17 to Rule Over Wall Street
(Bloomberg) -- For Steve Schwarzman, it was a very good year.
The Blackstone Group LP co-founder received $786.5 million for 2017, his biggest take-home ever, according to calculations based on the firm’s annual report filed March 1. His stake in New York-based Blackstone -- and the $661 million in dividends it yielded -- fueled much of the payout.
The rest came from his cut of deal profits, salary and other compensation, according to the filing. In 2016, Schwarzman got $425 million.
Investors seeking assets other than stocks and bonds fueled the rise of Blackstone and its peers, which offer access to private equity, real estate and hedge funds, turning many of their founders into billionaires.
That’s helped him remain the top earner among the nation’s private equity titans for years. By comparison, Apollo Global Management LLC’s Leon Black took home $191.3 million last year. Carlyle Group LP co-founders David Rubenstein, Bill Conway and Dan D’Aniello divvied up a combined payout of $193 million. KKR & Co.’s Henry Kravis and George Roberts received a combined $343 million.
To contact the reporters on this story: Anders Melin in New York at amelin3@bloomberg.net, Melissa Mittelman in New York at mmittelman@bloomberg.net.
To contact the editor responsible for this story: Elizabeth Fournier at efournier5@bloomberg.net.
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