There's a new king of private equity

Blackstone Group CEO Steve Schwarzman has become the richest man in private equity, Bloomberg reported Thursday.

According to data compiled by Bloomberg, Schwarzman's dividend earnings in 2014 was nearly double that of last year's big earner, Leon Black from Apollo Global Management.

Schwarzman took home more than $500 million in dividends, compared to Black's $268 million, which fell 27 percent from last year. Last year Schwarzman earned $353 million.

Schwarzman's big paycheck comes after a record-breaking year for the Blackstone Group, which he co-founded in 1985. In January the firm reported record numbers for 2014 across many metrics, including earnings, assets and distributions. The firm now manages $290 billion in assets.

Schwarzman himself is worth $11.7 billion, according to Bloomberg's Billionaire Index.

You can read the full report over at Bloomberg>>