Blackstone founder Stephen Schwarzman plans to donate his entire $48 billion fortune to a major philanthropic foundation | World News

Stephen Schwarzman, co-founder and chief executive of global investment firm Blackstone, is preparing to transfer much of his estimated $48 billion personal fortune to a charitable foundation, according to documents reviewed by The Wall Street Journal. If implemented, the plan would significantly expand the size of the Stephen A. Schwarzman Foundation and potentially place it among the largest philanthropic organizations in the world. Schwarzman said his philanthropic focus is on artificial intelligence, education and preparing society for rapid technological change.

Stephen Schwarzman’s massive philanthropy plan

The Wall Street Journal reports that Schwarzman and his team are planning to kill Stephen A. The Schwarzman Foundation reports total assets of $65 million in 2024. Internal documents reviewed by the newspaper said the foundation recently hired an executive director to oversee future growth and long-term strategy. Neither Blackstone nor the foundation responded to requests for comment.Schwarzman is a signatory of the Giving Pledge, which encourages the world’s richest people to donate the majority of their wealth to philanthropic causes. The Bloomberg Billionaires Index estimates his net worth at about $47.8 billion. If nearly all the wealth ends up being transferred to the foundation, it would rank alongside major global charities such as the Gates Foundation and the Wellcome Trust.Schwarzman said in his donation pledge letter that advances in artificial intelligence and computing can reshape jobs, education and global competitiveness. He described the urgent need for society to prepare for these changes and said these concerns have led him to fund large-scale initiatives related to artificial intelligence, research and education.Schwarzman also cited the influence of family on his approach to giving. He said his grandfather regularly sent medical supplies to children overseas, while his father extended credit to newly arrived immigrants while running a small business in Philadelphia. He describes these experiences as shaping his view of philanthropy as both a responsibility and a privilege.

From Wall Street to global philanthropy

Schwarzman began his career at Lehman Brothers in 1972 after receiving his MBA from Harvard Business School. He rose to managing director before leaving in 1985 to co-found Blackstone with Peter G. Peterson. The company was founded with $400,000 and has since grown into one of the largest asset management companies in the world. Today, Blackstone manages more than $1.3 trillion in assets across private equity, real estate, private credit and infrastructure.In addition to domestic giving, Schwarzman supports global education initiatives. In 2013, he founded the Schwarzman Scholars program at Tsinghua University in Beijing, which funds a one-year master’s degree in global affairs and is often compared to the Rhodes Scholarship.In 2018, Schwarzman donated $350 million to MIT to establish the Schwarzman School of Computing. The gift is the largest in the university’s history. MIT said the funding is intended to advance artificial intelligence research while integrating ethical and social considerations into computing education.In a recent interview, Schwarzman said he now defines his legacy by what he is building for the future rather than past financial achievements, with philanthropy, education and technology at the core of his long-term vision.