Blackstone CEO to leave most of his fortune to foundation
Stephen Schwarzman, Blackstone's co-founder and CEO, says he'll leave most of his $47.8 billion fortune to his foundation after he's gone.
The Stephen A. Schwarzman Foundation—currently much smaller—aims to grow into a global philanthropic heavyweight, hoping to stand alongside giants like the Gates Foundation.
Legacy shift
Schwarzman wants his legacy to focus on education, culture, medical innovation, and the impact of artificial intelligence.
He is a signatory to the Giving Pledge and just brought in a new executive director to help scale up these efforts.
Family inspiration
Schwarzman has already given big—like $350 million for MIT's College of Computing and creating the Schwarzman Scholars program in China.
He credits his family for inspiring him: My grandfather sent prosthetics and toys each month to Israeli children; my dad helped immigrants get started in Philadelphia.
For him, philanthropy runs deep.