Key Takeaways
- • Blackstone Group CEO Steve Schwarzman became the richest man in private equity, earning more than $500 million in dividends in 2014, according to data compiled by Bloomberg.
- • Schwarzman's 2014 dividend haul nearly doubled the $268 million earned by Apollo Global Management co-founder Leon Black, whose earnings fell 27 percent from the prior year.
- • Blackstone reported record 2014 results across earnings, assets and distributions, with total assets under management reaching $290 billion.
- • Apollo's net income after tax fell to $567.9 million in 2014 from $2 billion the previous year, per its fourth-quarter and full-year reports.
- • Schwarzman's personal net worth is estimated at $11.7 billion, according to Bloomberg's Billionaire Index.
Summary
Blackstone Group CEO Steve Schwarzman has become the richest man in private equity, according to data compiled by Bloomberg and reported by Business Insider. Schwarzman's dividend earnings in 2014 were nearly double those of Leon Black, Apollo Global Management's co-founder, who had been the previous year's top earner in the sector. Schwarzman took home more than $500 million in dividends in 2014, up from $353 million the prior year, while Black received $268 million, a 27 percent decline from 2013.
Schwarzman's payout follows a record year for Blackstone, which he co-founded in 1985. In January, the firm reported record 2014 figures across several metrics, including earnings, assets and distributions. Blackstone now manages $290 billion in assets. Schwarzman's personal net worth is estimated at $11.7 billion, according to Bloomberg's Billionaire Index.
By contrast, Apollo Global Management reported declines in earnings and distributions in its fourth-quarter and full-year 2014 results. Net income after tax fell to $567.9 million for 2014, compared with $2 billion in 2013, underscoring the divergence between the two largest private equity firms' performance over the period.
Schwarzman's payout follows a record year for Blackstone, which he co-founded in 1985. In January, the firm reported record 2014 figures across several metrics, including earnings, assets and distributions. Blackstone now manages $290 billion in assets. Schwarzman's personal net worth is estimated at $11.7 billion, according to Bloomberg's Billionaire Index.
By contrast, Apollo Global Management reported declines in earnings and distributions in its fourth-quarter and full-year 2014 results. Net income after tax fell to $567.9 million for 2014, compared with $2 billion in 2013, underscoring the divergence between the two largest private equity firms' performance over the period.
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