Stephen Schwarzman net worth: Stephen Schwarzman is an American businessman who has a net worth of $6.5 billion dollars which makes him one of the richest people in New York. Born in Philadelphia, Pennsylvania, Stephen Schwarzman graduated from Yale University, and then went on to earn his Masters in Business Administration from Harvard Business School. He began his career in finance while still in college, and then began working for Lehman Brothers after completing his graduate school education. He went on to become a managing director at Lehman Brothers, and then the Head of Global Acquisitions and Mergers. He left the firm in the mid-80s to co-found The Blackstone Group, a firm focused on acquisitions and mergers. His business partner retired in 2008, and he is now the sole owner and CEO of the company. The Blackstone Group currently manages nearly $190 billion in assets for various companies, and the value of the firm actually increased by 15% in 2011. In addition to his work with The Blackstone Group, he pays for the education of over a hundred disadvantaged children in New York City, and reportedly personally reviews their report cards and writes to them each semester.