Blackstone Group LP Chief Executive Stephen Schwarzman pocketed at least $567.8 million in 2018 dividends and compensation, making him yet again the private equity industry`s highest earner, a regulatory filing showed on Friday.
The was below the roughly $786 million Schwarzman, 72, took home in 2017. His net worth is pegged by Forbes at $13.2 billion.
The private equity veteran received $69.1 million in compensation from Blackstone in 2018, largely due to investment gains.
Blackstone no longer discloses the dividend payment to the class of stock Schwarzman owns, but based on the $2.15 per common unit payout, he received almost $500 million in dividends. The dividend for Schwarzman`s class of stock has historically been higher than for common units.
Schwarzman last year elevated Jonathan Gray, 49, who turned Blackstone into the world`s biggest real estate investor, to president and chief operating officer, setting him up as his successor as CEO.
In 2018, Gray received total compensation of $87.8 million. His bonus was $10 million, down from $25.8 million a year earlier. This is due to Gray opting to receive $30 million in stock which will vest over the course of 5-and-a-half years.
Schwarzman earned much more than other co-founders of private equity firms. Apollo Global Management LP CEO Leon Black received $252,617 in compensation and $169.7 million from dividends in 2018.
Carlyle Group LP`s three co-founders, David Rubenstein, William Conway and Daniel D`Aniello, combined took home roughly $180 million, with the vast majority of earnings from dividend payments.
KKR & Co LP co-founders Henry Kravis and George Roberts received $99.5 million and $103.9 million, respectively. This was more evenly distributed between compensation and dividends.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.