Blackstone Group CEO Steve Schwarzman has become the richest man in private equity, Bloomberg reported Thursday.
According to data compiled by Bloomberg, Schwarzman’s dividend earnings in 2014 was nearly double that of last year’s big earner, Leon Black from Apollo Global Management.
Schwarzman took home more than $US500 million in dividends, compared to Black’s $US268 million, which fell 27 per cent from last year. Last year Schwarzman earned $US353 million.
Schwarzman’s big paycheck comes after a record-breaking year for the Blackstone Group, which he co-founded in 1985. In January the firm reported record numbers for 2014 across many metrics, including earnings, assets and distributions. The firm now manages $US290 billion in assets.
In contrast, Black’s Apollo Global Management just released fourth-quarter and full-year reports, which saw drastic declines in earnings and distribution. Net income after tax fell to $US93.8 million for 2014, compared to $US567.9 million the previous year.
Schwarzman himself is worth $US11.7 billion, according to Bloomberg’s Billionaire Index.