Blackstone Chief Executive Officer Steve Schwarzman took home more than $1bn in pay and dividends in 2024, highlighting the billionaire’s financial gains amid renewed scrutiny from Washington over private equity taxation, according to a report by Bloomberg.
The majority of Schwarzman’s earnings came from dividends rather than fund profits. As Blackstone’s largest shareholder, holding nearly 20% of the company’s stock, his stake in the world’s leading alternative asset manager is valued at approximately $37bn, according to an annual filing released Friday.
Schwarzman’s earnings saw an 11.5% increase from 2023, largely due to his $916m in dividends. His financial success remains closely tied to Blackstone’s performance and stock value, despite the firm’s daily operations being overseen by President and heir-apparent Jon Gray.
In addition to dividends, Schwarzman earned $83.7m from incentive fees and carried interest — profits from funds he manages. Although this amount declined from the previous year, it still significantly outweighed his $350,000 base salary. These earnings have cemented Schwarzman’s position as one of Wall Street’s highest-paid executives, with an estimated net worth of $51.3bn, according to the Bloomberg Billionaires Index.
The tax treatment of carried interest, a significant source of earnings for private equity executives, remains a contentious issue. Former President Donald Trump has pledged to eliminate its preferential tax status, reigniting a long-standing debate over what critics call a “billionaire’s loophole.”
Schwarzman, 78, has been a vocal advocate for maintaining the current tax framework.
Today, Blackstone manages $1.1tn in assets, making it the largest commercial property manager, a dominant lender, and a major player in private equity.
Jon Gray, Blackstone’s President and Chief Operating Officer, earned $44m in carried interest and incentive fees, along with $169.7m in dividends, bringing his total compensation to $247m.
At 55, Gray has strengthened his grip on Blackstone’s strategy, championing investments in data centres and technology, expanding the firm’s focus beyond its traditional pension and institutional client base, and turning Blackstone into a recognisable retail brand. Gray has also spearheaded efforts to leverage insurance capital for corporate financing, challenging the long-held dominance of banks in the lending sector.
