Blackstone chief executive Steve Schwarzman took home a record $1.27 billion for 2022, as the investing titan continued building his fortune into one of the world’s largest.
Mr Schwarzman, who owns some 20 per cent of Blackstone shares, reaped roughly $1 billion in dividends alone. He also earned $253.1 million in compensation, most of it through incentive fees and his cut of fund profits known as carried interest.
The annual haul, up from about $1.1 billion a year earlier, underscores Mr Schwarzman’s status as one of Wall Street’s highest earners — with a net worth of $30.6 billion, according to the Bloomberg Billionaires Index. It also demonstrates how tightly his fortune is tied to the firm he co-founded more than three decades ago.
“I own a lot of stock, and I invest in all of our funds, so the firm is my family office,” Mr Schwarzman, 76, said at an industry conference this year.
His heir apparent as chief executive, Blackstone President Jon Gray, collected $479.2 million in 2022. That included $182.7 million from dividends tied to a roughly 3 per cent stake in the firm.
Although neither is paid an annual cash bonus, they still collect more than the chief executives of Wall Street’s biggest investment banks, where compensation packages for the top brass usually tally into the tens of millions.
Blackstone’s fundraising machine slowed last year, and market swings hampered new deals. A crown jewel property fund for wealthy investors, the Blackstone Real Estate Income Trust, faced a line of investors wanting out, prompting it to limit redemptions.
Still, Blackstone’s dealmakers were able to generate more from selling out of deals last year than in 2021. Sales of plum holdings, such as The Cosmopolitan of Las Vegas, lifted profits available to shareholders. The firm cranked out more fee-related earnings as assets under management reached just shy of $1 trillion.
“Blackstone has a performance-driven compensation model that is built on long-term alignment with our investors,” a spokesman said. The firm delivered record distributable earnings and realised some of its most profitable fund investments, he said.
The dividend for 2022 rose to $4.40, up from $4.09 a year earlier.
Last year, Blackstone’s shares delivered total losses of 40 per cent, when accounting for dividends. By contrast, the S&P 500 delivered 18 per cent total losses. The stock has since generated some 21.2 per cent in total returns this year, outpacing the S&P.
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Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
UAE currency: the story behind the money in your pockets
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
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BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
The biog
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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