Introduction
Stephen Schwarzman is an American investor, businessman, and philanthropist.
Schwarzman is chairman and CEO of The Blackstone Group, which he founded in 1985.
Forbes ranked Schwarzman 100th on its World’s Billionaires List in 2019.
He was the Chairman of President Donald Trump’s Strategic and Policy Forum.
Stephen Schwarzman’s net worth was estimated at $35 billion as of July 2022.
Early Life
Stephen Allen Schwarzman was a Pennsylvania native, born February 14, 1947.
Schwarzman is the child of Arline Schwarzman and Joseph Schwarzman. Schwarzman’s was the former dry-goods shop in Philadelphia owned by his father, who was also a graduate of Wharton School.
He was educated in the Abington School District of suburban Philadelphia. In 1965, he graduated from Abington Senior High School. He was a member of the Skull and Bones secret societies at Yale University.
Career
Schwarzman started his career in financial services at Donaldson, Lufkin & Jenrette, an investment bank that merged in 2000 with Credit Suisse.
After graduating from business school, Schwarzman began his career at Lehman Brothers as an investment bank manager. At 31 years old, he was promoted to the position of managing director and became the head of global mergers & acquisitions.
Peter Peterson, Schwarzman’s boss, founded The Blackstone Group in 1985. The group initially focused on mergers & acquisitions. Blackstone would expand into business acquisition, real property, direct lending, and other assets. It now manages approximately $500 billion.
Blackstone was made public in June 2007 and revealed that Schwarzman had been paid approximately $398.3 Million in fiscal 2006.
In June 2007, Schwarzman stated his views on financial markets.
Highlights
These are some of the greatest highlights of Stephen Schwarzman’s career:
- The Blackstone Group was co-founded in 1985.
- International Advisory Board for the Russian Direct Investment Fund (2011)
Three Success Lessons From Stephen Schwarzman
We now know everything about Stephen Schwarzman’s networth and how he became successful. Let’s look at some of his lessons.
1. Listen to your Critics
Leaders must learn to view criticism as a way of grace in order to be effective and healthy over the long term.
2. Be Patient
Patient leaders set realistic time frames and stick to them.
3. Know Your Environment
Ask questions, read old reports, and minutes of meetings, and develop a curiosity about your organization. Although it takes time, the tortoise often wins.
Favorite Quotes From Stephen Schwarzman
It is just as difficult to start and manage a small business than it is to run a large one. As you force it to exist, you will also suffer psychologically and financially. It is difficult to raise the funds and find the right people.
This is how real life works. When faced with a problem, don’t panic or declare an immediate disaster. You need to be calm and allow everyone to have their time.