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The Philanthropy 50: Americans Who Gave the Most in 2008
Stephen A. Schwarzman
Rank: 16
Total amount committed in 2008: $105-million
Location: New York, New York
Source of wealth: Investments
Other key beneficiary: Inner-City Scholarship Fund
Donor's background: Mr. Schwarzman is a co-founder of the Blackstone Group, a New York financial firm that holds interests in corporate debt, hedge funds, private equity, and real estate.
Mr. Schwarzman, 61, pledged $100-million to the New York Public Library. The money will be used to renovate the institution's flagship building on Fifth Avenue and to build two new libraries in New York. Some of the pledged money will also go toward endowment and a program to expand the library's online services.
Because of his pledge, library officials have named the Fifth Avenue facility for Mr. Schwarzman.
The donor, who serves on the library's Board of Trustees, said he did not place any restrictions on how the money would be used because he trusts library officials to decide where funds are most needed.
"They should have the maximum flexibility as to where that money goes and when. The board has already approved the general plan, and I don't see why I should make their lives more complicated in terms of executing it," said Mr. Schwarzman.
In addition, Mr. Schwarzman pledged $5-million to the Inner-City Scholarship Fund, in New York, to endow scholarships to allow needy children to attend Catholic schools in the city. He would not provide details of a payment schedule for either one of his pledges.
Mr. Schwarzman is chairman of the Board of Trustees of the John F. Kennedy Center for the Performing Arts, in Washington, and serves on the boards of the Asia Society, the Film Society of Lincoln Center, the Frick Collection, and the New York City Ballet.
About These Data
The giving figures listed for each individual are based on donations announced to date by the donors or their beneficiaries. In cases of bequests, most of the figures are estimates because the wills have not been settled. For news of gift announcements in 2009, visit the America's Top Donors database.
If you know about a recent gift of $1-million or more that should be added to this directory, please send a message to gifts@philanthropy.com.