Bloomberg Billionaires Index

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# 181 Leon Black $10.7B

Random fact: Graduated Dartmouth magna cum laude; has Harvard MBA.


Black is a co-founder of Apollo Global Management, an alternative asset manager with about $513 billion in assets under management. The New York-based firm specializes in leveraged buyouts, distressed debt, real estate investments and publicly traded funds. Black stepped down as chairman of Apollo in March 2021.

As of :
Last change -$134M ( -1.2%)
YTD change +$556M ( +5.5%)
Biggest asset Cash
Country / Region United States
Age 71
Industry Finance
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Leon Black's net worth of $10.7B can buy ...

troy ounces of gold
barrels of crude oil

... and is equivalent to ...

of the GDP of the United States
of the total wealth of the 500 richest people in the world
of the top 100 U.S. college endowments
of the top 200 U.S. executives’ total awarded compensation
of U.S. existing home sales
times the median U.S. household income

Latest News

Net Worth Summary

Private asset
Public asset
Misc. liabilities
Confidence rating:

Black's fortune stems from shareholdings and earnings from Apollo Global Management, the private-equity firm he co-founded in 1990. Black owns 15% of the company's common units directly and through trusts, according to January 2022 filings with the US Securities & Exchange Commission. It had $515 billion in assets under management at the end of June 2022, according to the company.

According to the company’s prospectus filed with the US Securities and Exchange Commission, Apollo distributed $2.7 billion in carried interest, capital gains, tax agreement payments and dividends to its owners in 2007 and 2008, of which about $1 billion is credited to Black. Apollo held private placements in 2007 and 2008 which raised about $2.1 billion, of which Black is credited with $900 million in proceeds. 

Black has collected more than $2 billion from Apollo since the IPO, in the form of Apollo Operating Group distributions, tax benefit payments and profits on Apollo fund investments.

Taxes, market growth and outflows for asset purchases and charity are applied to cash balances.

A portion of Black’s income from the transactions has gone to amass an art collection valued at $1 billion, which includes Edvard Munch’s "The Scream." The valuation is based on an interview with a person familiar with Black's collection who asked not to be identified because the matter is private.

Black declined to comment on his net worth in January 2021.


Family: Married, 4 children

Born in 1951, Leon Black was studying philosophy and history at Dartmouth College when the U.S. Securities and Exchange Commission began investigating his father, then head of United Brands, over a bribery scandal in South America. The investigation resulted in his father's suicidal leap off the Pan Am building in New York City.

After graduating from Dartmouth in 1973, Black enrolled in Harvard Business School, earning an MBA in 1975. Two years later, he took a job at Drexel Burnham, where he helped pioneer the leveraged buyout with Michael Milken. By using debt secured by the future cash flow of the target company, LBOs allowed Black to acquire companies for less up-front equity. Drexel declared bankruptcy in 1990, prompting Black to found his own private equity firm, Apollo Global Management.

In the 1990s, investments focused on buying distressed domestic U.S. firms, many of which Black had some exposure to while at Drexel. In more recent years, Apollo has expanded its geographic and investment scope -- for instance, it runs funds in foreign real estate and collateralized loan obligations in Europe.

After Black's wife, Debra, was diagnosed with melanoma in 2004, much of his philanthropic giving has gone to the New Melanoma Research Alliance. In addition to his donations to Dartmouth College, he has spent hundreds of millions of dollars on his art collection, including the 2012 purchase of Edvard Munch's "The Scream" for almost $120 million.

In 2019, Black was linked to disgraced financier and convicted sex offender Jeffrey Epstein. An investigation initiated by Apollo found that Black paid Epstein $158 million between 2012 and 2017 for tax advice, after Epstein pleaded guilty to felony charges in 2008. In March 2021, Black stepped down from his roles as chairman and chief executive officer of Apollo, and severed all day-to-day ties with the firm.

  • 1973 Graduates summa cum laude from Dartmouth College.
  • 1975 Receives MBA from Harvard Business School.
  • 1975 Father, Eli Black, commits suicide.
  • 1977 Begins working at Drexel Burnham, where he stays for 13 years.
  • 1990 Co-founds Apollo Management with Marc Rowan and Joshua Harris.
  • 2009 Buys a chalk drawing by Raphael for $47 million.
  • 2011 Celebrates 60th birthday with a private performance by Elton John.
  • 2012 Buys Edvard Munch's "The Scream" for almost $120 million.
  • 2021 Resigns as chairman and CEO of Apollo.