#50 Stephen Schwarzman
$4,700 million
Blackstone tycoon making back some of his billions amid market rally. Shares of the investment firm have surged 125% in past 9 months; still off 60% since public offering 2007. Recently proclaimed two-thirds of Blackstone's portfolio companies will see their pretax cash earnings increase or remain flat 2009. Yale grad found mentor in Peter Peterson at Lehman Brothers; duo left to create private equity outfit Blackstone 1985. Total assets then: $400,000. Added real estate, hedge fund, financial advisory divisions. Firm now manages $92 billion, down 20% from a year ago. Peterson left after Blackstone went public 2 years ago. Fellow Blackstone billionaire Hamilton ("Tony") James is Schwarzman's heir apparent.
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