Stephen Schwarzman plans major expansion of his foundation to build a top-10 U.S. philanthropy focused on AI and education, with plans to transfer a 'substantial majority' of his fortune upon his death.

Schwarzman, Blackstone cofounder and CEO with a net worth around $45 billion, is reportedly planning a major expansion of the Stephen A. Schwarzman Foundation, which held $65 million in assets as of 2024, according to an internal report obtained by The Wall Street Journal.

His new aim is to build a top-10 U.S. philanthropy focused on AI and education. Schwarzman has previously funded two large-scale programs related to AI that incorporate a focus on AI's ethical and policy considerations.

Over his lifetime, Schwarzman has committed more than $1 billion to charity, including a $350 million gift to MIT's Schwarzman College of Computing in 2018, a £150 million gift to the University of Oxford for a humanities center, a $150 million gift to Yale for a student center, and $100 million for the renovation of the New York Public Library.