Blackstone Inc. Chief Executive Officer Steve Schwarzman collected just over $1 billion in pay and dividends in 2024, putting the spotlight on the billionaire’s wealth just as Washington takes aim at how private equity profits are taxed.

Most of Schwarzman’s annual windfall came in dividends, not fund profits. He is the single largest holder of Blackstone stock with a stake of almost 20% in the world’s largest alternative asset manager worth roughly $37 billion, according to an annual filing Friday.

Schwarzman took home about 11.5% more than what he reaped in 2023 because of his $916 million in dividends.

It’s a reminder of how the fortunes of Schwarzman, 78, are tied to Blackstone and its stock, even though heir-apparent and President Jon Gray is in charge of the day-to-day running of the firm.

Schwarzman earned $83.7 million in incentive fees and the cut of profits from funds known as carried interest. While the amount fell from the prior year, it continues to dwarf his $350,000 salary. Those profits have vaulted Schwarzman to be one of Wall Street’s highest paid CEOs, with a net worth of some $51.3 billion.

President Donald Trump has vowed to bring an end to the special status of carried interest, which is generally taxed at a lower rate than wages. It’s the latest salvo in a long-running fight over what critics call the billionaires’ loophole.

Gray earned $44 million in carried interest and incentive fees. Meanwhile, he scored $169.7 million in dividends. In total, he collected $247 million in various forms of compensation and dividends.