Stephen Schwarzman, the founder of Blackstone Group, received a record $1.1bn in income in 2021, and was one of three insiders at the world’s largest private equity group to receive over $160mn as its profits soared.
Schwarzman’s haul mostly came from about $940mn in dividend payments due to his ownership of nearly 20 per cent of the private equity group’s shares. The figure scratches the surface of the wealth that Schwarzman generated last year as Blackstone’s stock doubled.
His shares rose by $15bn in value and Schwarzman earned a further $150mn in “carried interest” compensation, underscoring how buoyant financial markets and investors’ rush into private funds is creating unprecedented wealth in a less regulated corner of Wall Street.
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