Larry Fink, the chairman and CEO of investment management company , is one of the latest Wall Street investors to surpass $1 billion in personal wealth, according to the Bloomberg Billionaires Index.
BlackRock, the world's largest money manager, has $6.3 trillion in assets. It dominates the market in passive-investments, according to a Bloomberg report. First quarter results beat estimates despite a cooling off in the amount of money flowing into low-fee exchange-traded funds. Revenue rose 16 percent from last year's first quarter.
About half of Fink's fortune comes from his stake in BlackRock, valued at $570 million with dividends. The rest is stock sales and compensation, Bloomberg reported. His pay for 2017 was $27.7 million.
This is in contrast to , which offers high-fee alternative investments such as private equity funds. Fink started off with Blackstone, under chairman and CEO Steve Schwarzman, where Fink added a bond shop to the operation. Fink founded BlackRock in 1988 as part of Blackstone and parted ways in 1994.
Now, Blackstone oversees $434 billion and Schwarzman is worth about $12 billion, according to the Bloomberg ranking. Fink's personal wealth has been growing more slowly because he only owns 0.7 percent of BlackRock. He has spread ownership among employees and held onto five out of eight original members of his management team.
Since its 1999 initial public offering, BlackRock's share price has returned more than 3,600 percent. Meanwhile, Blackstone's shares haven't changed significantly since its 2007 IPO.
Schwarzman once said that letting BlackRock go was a "heroic" mistake, Bloomberg reports.
Neither BlackRock nor Blackstone's spokesperson responded immediately to CNBC's request for comment.