The wealth of American private capital leaders has skyrocketed by more than $56bn in 2024, driven by extraordinary share price performances at industry giants Blackstone, Apollo and KKR. The remarkable surge follows their inclusion in the S&P 500 index and substantial operational growth across their platforms.
Blackstone’s leadership team witnessed a staggering $13.5bn increase in their shareholdings as the firm’s market value climbed nearly 50 per cent to $214bn. Chief Executive Stephen Schwarzman emerged as a primary beneficiary, with his stock value rising by more than $11bn. The company’s president, Jonathan Gray, saw his stake appreciate to approximately $7.5bn.
KKR demonstrated the most impressive performance among large private equity groups in 2024, with its shares nearly doubling in value. This exceptional growth elevated the stakes of co-founders Henry Kravis and George Roberts beyond $12bn each. Co-chiefs Scott Nuttall and Joe Bae have accumulated shareholdings worth approximately $2.7bn, benefitting from KKR’s robust 30 per cent average annual return since their leadership began in October 2021.
Apollo Global’s addition to the S&P 500 in December coincided with its shares nearly doubling in 2024, significantly enhancing the wealth of CEO Marc Rowan and co-founders Leon Black and Josh Harris. The firm’s insurance unit leader, James Belardi, saw his Apollo shares surpass the $1bn mark, while co-presidents Scott Kleinman and James Zelter each held shares exceeding $500m.
The industry’s growth has spawned a new generation of billionaire dealmakers, with executives at Ares, TPG and Blue Owl collectively gaining over $4bn in share value during 2024. Beyond stock appreciation, industry leaders have received nearly $3bn in dividend payments this year, underscoring the sector’s remarkable profitability.
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