Financial Times FT.com

Gilded age: how a corporate elite is leaving middle America behind

By Krishna Guha, Francesco Guerrera and Eoin Callan

Published: December 21 2006 02:00 | Last updated: December 21 2006 02:00

Stephen Schwarzman, chief executive and co-founder of Blackstone Group, one of the world's largest and richest private equity firms, makes for an unlikely champion of the average American.

But minutes before chairing a meeting that will decide how to reward Blackstone's partners for its record profits this year, Mr Schwarzman, whose fortune Forbes has estimated at $2.5bn (£1.3bn, €1.9bn), says he is worried about the increasingly unequal distribution of wealth in the US.

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