What was already shaping up as a great year for Blackstone co-founder, Steven Schwarzman, got even better with the passage of the Trump tax cuts, which slashed the amount of taxes America’s “top 0.001%” – of which Schwarzman is a proud member – would have to pay.
However, it was not until this afternoon, that we found out just how great 2017 was for the CEO, when the Blackstone 10-K revealed that his total compensation was a record $125.5 million, an increase of over 160% compared to the $47 million he made in 2016.
That however was just a small fraction of the total amount that Schwarzman made in 2017, because when adding across all of his income streams, the Adjusted Gross Income of Blackstone’s CEO last year was a staggering $786.5 million, of which $661 million coming in the form of dividends from his personal stake in Blackstone.
His record payday helped the founder of the world’s largest alternative asset manager remain the top earner among the nation’s private equity titans for another year. According to Bloomberg, Apollo’s Leon Black took home $191.3 million last year, while Carlyle co-founders David Rubenstein, Bill Conway and Dan D’Aniello divided a combined payout of $193 million. Joining the party at the top, KKR’s Henry Kravis and George Roberts received a combined $343 million.