The Richest People In America: Stephen Schwarzman

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#53 Stephen Schwarzman

$6.4 billion
Source: investments

Blackstone bull raising new buyout fund despite horrid private equity markets. Investors skeptical: shares down 25% this year and 55% since public offering last June. With Peter Peterson founded private equity shop in 1985 with $400,000 balance sheet; diversified into real estate, hedge funds. Firm now manages $119 billion. Schwarzman urging U.S. to embrace sovereign wealth fund investments. Likely successor: Hamilton ("Tony") James .

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