Blackstone Inc BX CEO Steve Schwarzmanthe leader of the largest private equity firm in the world, Earned record income in 2022.

Schwarzman took home more than $1.27 billion in compensation and dividends last year. reports Bloomberg.

He received nearly $1 billion in dividends and $253.1 million in compensation.

According to the Bloomberg Billionaire Index, his net worth is $30.6 billion.

Schwarzman owns 20% of Blackstone stock and is one of Wall Street’s top earners today.

“I own a lot of stocks and invest in all of our funds, so the firm is my family office,” Schwarzman was quoted as saying by Bloomberg.

Meanwhile, President of Blackstone Jon Gray received $479.2 million in income in 2022. That included $182.7 million from dividends associated with a roughly 3% stake in the company. That’s an increase from last year, according to Bloomberg.

“Blackstone has a performance-based compensation model built on long-term alignment with our investors,” Blackstone’s spokesman said in a statement.

The spokesman said the company had record distributable earnings last year and realized some of its best-performing fund investments.

Also read: Blackstone CEO Says Concerned Investors Stand Behind REIT Redemptions

In 2022, the company’s stock was hit hard after Blackstone Limited Investor made redemptions from a $71 billion real estate fund. reports the Financial Times.

According to the report, investors withdrew money because they were concerned about the long-term health of the real estate market and needed to raise money.

But despite Blackstone’s volatile conditions, profitability has helped its top executives generate hefty revenues.

“Significant portions of the listed compensation of our most senior executives relate to performance in 2021 paid out based on the timing of awards the following year,” FT quoted Blackstone as saying.

The company added that the incentive-based compensation was from the first half of 2022, when the company had “the peak period for realizations in…