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Stephen Schwarzman’s grandfather inspired the Blackstone billionaire’s philanthropy: It was ‘his privilege to help others in need’

Stephen Schwarzman Blackstone Philanthropy United States

(Credit: Getty Images—Heidi Gutman/CNBC/NBCU Photo Bank/NBCUniversal)

Stephen Schwarzman built one of the world’s largest private-equity firms, banked some of the biggest paydays in modern finance, and committed more than $1 billion to charity over his lifetime.

And the Blackstone cofounder and CEO traces the roots of his charitable giving to observing his grandfather.

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