In his book, "What It Takes," Steve Schwarzman recalls being on the verge of graduating from college in 1969 with little sense of what he might do next. A member of Yale's famed secret society Skull and Bones, Schwarzman wrote to one of its most prestigious alumni, Averell Harriman, for advice. The heir of a railroad baron, Harriman had parlayed his family's wealth into the investment bank Brown Brothers Harriman before embarking on a political career that included roles as the governor of New York, the secretary of commerce under President Harry Truman, and America's lead negotiator in the Vietnam War peace talks.
Over lunch at Harriman's Upper East Side mansion in Manhattan, the two men discussed a career in politics for Schwarzman before Harriman asked his guest whether he was "independently wealthy." "That will make a great difference in your life," Harriman told Schwarzman, the middle-class son of a Philadelphia dry-goods-store owner. "I advise you, if you have an interest in politics whatsoever, to go out and make as much money as you can."
Schwarzman, 77, never ended up pursuing a career in politics, but as the CEO and a cofounder of the alternative-asset manager Blackstone, he has built a fortune that Bloomberg estimates is worth $57 billion - or more than the market value of Ford Motor Co. The 24th richest man in the world, Schwarzman has used his wealth to influence various industries, including politics, real estate, and the arts.
A vocal supporter of Donald Trump, Schwarzman is expected to have a voice in the next White House. His name adorns the New York Public Library and buildings on prominent university campuses.
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