Stephen Allen Schwarzman was born February 14, 1947 and he is an American businessman, investor and philanthropist. 

Stephen A. Schwarzman Biography

He was raised in a Jewish family in Huntingdon Valley, Pennsylvania , the son of Arline and Joseph Schwarzman. 

His father owned Schwarzman’s, an old dry goods store in Philadelphia, and he was graduatin from the Wharton School . 

His first business was a lawn mowing operation when he was 14 years old, employing his younger twin brothers, Mark and Warren, to mow lawns while Stephen brought in customers. 

He was attending the Abington School District in suburban Philadelphia , graduating from Abington Senior High School in 1965. 

He was attending Yale University , where he was a member of the senior Skull and Bones society .  After he was graduating in 1969, he briefly served in the United States Army Reserve before attending Harvard Business School , graduating in 1972. 

Stephen A. Schwarzman Net Worth

According to the Bloomberg Billionaires Index , he had a net worth of $17.6 billion as of May 7, 2020, rising to $25.1 billion as of April 14, 2021.  In 2014, Schwarzman was named as one of the Bloomberg 50 Most Influential people of the year. 

In 2016, he was again named as one of Bloomberg’s 50 Most Influential People of the Year.

Stephen A. Schwarzman Career

His first job in financial services was with Donaldson, Lufkin & Jenrette , an investment bank that merged with Credit Suisse in 2000. After business school, he was working at investment bank Lehman Brothers , becoming a director manager at 31, then head of global mergers and acquisitions . 

In 1985, him and his boss, Peter Peterson , was starting The Blackstone Group , which initially focused on mergers and acquisitions . Blackstone would branch into business acquisitions, real estate, direct lending, alternative assets , and now has about $500 billion in assets under management.

When Blackstone went public in June 2007, it revealed in a securities filing that he was  earning about $398.3 million in fiscal 2006. He ultimately received $684 million for his share of the stake from Blackstone which he was selling at the IPO, keeping a stake then worth $9.1 billion.

In June 2007, he outlined his views on financial markets with the statement, “I want war, not a series of skirmishes.. I always think about what will kill the other bidder.” 

In September 2011, he was listed as a member of the International Advisory Board of the Russian Direct Investment Fund. 

He is a Republican. He is a longtime friend of former President Donald Trump, provides outside advice, and he was serving as chair of the Trump Strategic and Policy Forum. 

In response to criticism of his involvement in the Trump administration,  he was writting a letter to current Schwarzman scholars, arguing that “having influence and giving good advice is a good thing, even if it attracts criticism or requires some sacrifice.” 

Raised $100,000 for the political efforts of George W. Bush

In August 2010, he was comparing the Obama administration’s plan to raise the tax rate on interest charges to a war and Hitler’s invasion of Poland in 1939, stating, “It’s a war. It’s like when Hitler invaded Poland in 1939.” “.

He was later apologizing for the analogy.  In 2012, Obama was calling him and asked for his help in negotiating a budget deal with Republicans in Congress to avoid a fiscal cliff. An agreement was eventually reached with the help of him. 

The new tax plan added an additional $1 trillion in revenue by raising taxes, closing tax loopholes and ending deductions. Later, Obama drafted a formal message of support for Schwarzman Scholars, an educational initiative launched by Schwarzman. 

In early 2016, he said that in a two-candidate race he would prefer Donald Trump to Ted Cruz, saying the nation needed a “cohesive, healing presidency, not one that wobbles to either the right or the left.” He had previously made a donation to Marco Rubio in 2014. He also endorsed and raised funds for Mitt Romney in 2012. 

In late 2016, he was “helping assemble” a team of corporate executives to advise Trump on jobs and the economy. The group, which includes JPMorgan Chase CEO Jamie Dimon, Walt Disney boss Bob Iger and former General Electric boss Jack Welch,were becoming the Trump Strategic and Policy Forum. 

In February, he was named chair of the 16-member President’s Strategy and Policy Forum, which brings together “CEOs of America’s largest corporations, banks, and investment firms” to consult with the president. on “how to create jobs and improve the growth of the American economy “.

On August 16, 2017, following the resignation of five members, President Trump was announcing via Twitter that he was disbanding the forum. 

In December 2018, the consumer advocacy nonprofit Public Citizen published a report titled: “‘Self-funded’ Trump Now Backed by Super PAC Megadonors.” The report revealed that Schwarzman donated $344,000 in support of Trump’s re-election campaign. After his election, Trump appointed Schwarzman as chairman of the White House Strategy and Policy Forum. 

In 2019 and 2020, he made two contributions of $500,000 each to the 1820 PAC, a PAC was creating solely to support the re-election of Senator Susan Collins of Maine. 

In August 2020, he was donating $10 million to the Senate Leadership Fund, a super-PAC linked to Mitch McConnell.

In 1999, he was receiving the Golden Plate Award from the American Academy of Achievement. 

He has been an Adjunct Professor at the Yale School of Management and was Chairman of the Board of Trustees of the John F. Kennedy Center for the Performing Arts from 2004 to 2010.

In December 2018, President Enrique Peña Nieto awarded Schwarzman the Order of the Aztec Eagle, Mexico’s highest honor for foreigners, in recognition of Schwarzman’s work on behalf of the US in support of the US Agreement. ., Mexico and Canada . 

In 2019, he was writing his first book titled What It Takes: Lessons in the Pursuit of Excellence, ” which draws on his experiences in business, philanthropy, and public service.” Her book became a New York Times bestseller. 

Stephen A. Schwarzman Building

In 2004, he was donating a new football stadium to Abington Senior High School: Stephen A. Schwarzman Stadium.  In 2007, he was listed among him Time ‘s 100 Most Influential People in the World. 

In early 2008, he was announcing that he was contributing $100 million toward the expansion of the New York Public Library, for which he serves as a trustee. The central landmark building at 42nd Street and Fifth Avenue was renamed the Stephen A. Schwarzman Building 

In 2018, he was donating 10 million to another library, the National Library of Israel. 

On April 21, 2013, he was announcing a personal donation of $100 million to establish and endow a scholarship program in China, Schwarzman Scholars, modeled after the Rhodes Scholarship program.

He simultaneously announced a fundraising campaign with a goal of $200 million. The Schwarzman Scholars program is located at Tsinghua University. Since its inception, the program has maintained ties with the United Front Work Department, as well as other organizations and personnel affiliated with the Chinese Communist Party. 

In the spring of 2015, Peter Salovey, president of Yale University, announced that Schwarzman contributed $150 million to fund a campus in the university’s historic “Commons” dining hall.  Additionally, Schwarzman is also a member of the Berggruen Institute’s 21st Century Council. 

He has been a member of the New York-Presbyterian Hospital Board of Trustees since 2016. 

In early 2018, it was announced that he was donating $25 million to Abington High School, his alma mater. However, this donation was subject to several conditions, including naming rights to the school. 

After the deal became known to the public, a new deal was made, and he was dropping several of the conditions for his donation, including changing the name of the school. 

In October 2018, he was donating $350 million to the Massachusetts Institute of Technology to create the Schwarzman College of Computing

In June 2019, the University of Oxford announced that he had donated £150 million to establish the Schwarzman Center for the Humanities. 

He was announcing in February 2020 that he had signed The Giving Pledge, pledging to give the majority of his wealth to philanthropic causes. 

In October 2020, he pledged to donate $8 million to the USA Track and Field Foundation in the run-up to the 2021 Tokyo and 2024 Paris Olympics.

Stephen A. Schwarzman Personal Life

He married his first wife Ellen Philips in 1971, a trustee of Northwestern University and Mount Sinai Medical Center, and they divorced in 1990. They are having three children together, including film producer Teddy Schwarzman  and writer and podcaster Zibby Owens. 

He married his second wife, Christine Hearst, in 1995, an intellectual property attorney who grew up on Long Island, New York.  He has a son from a previous marriage. 

He lives in a duplex apartment at 740 Park Avenue previously owned by John D. Rockefeller Jr. he bought the apartment from Saul Steinberg. He spent millions of dollars on his sixty and seventieth birthday parties. 

In 2011, The Wall Street Journal reported on the high water consumption of wealthy Palm Beach residents during exceptional drought conditions. He was listed among the top five water users, having consumed 7,409,688 gallons between June 2010 and May 2011. The average Palm Beach resident consumes 108,000 gallons per year.

He is one of the most influential business men in America.

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