The Most Powerful Private Equity CEO In The World Uses A Cheap Flip Phone

AmazonHere's a Nokia 6350 like Schwarzman's.

Stephen Schwarzman doesn't own an Apple iPhone, a Samsung Galaxy, or any smartphone for that matter.

As I was leaving the Dealbook Conference at One World Trade Thursday, I ended up in an elevator with the CEO of private equity behemoth Blackstone Group.

Schwarzman, who has an estimated net-worth $10.7 billion, pulled out a gray flip phone from his coat pocket.

I was shocked.

Business Insider has learned that the model of Schwarzman's phone is a Nokia 6350. 

He actually prefers just a regular cell phone, according to a spokesperson. 

"Steve uses his flip phone to make and get phone calls. It does that better and more easily than any other device. He has an iPad for everything else," a spokesperson for Schwarzman told Business Insider.

Ironically, as we were leaving the building, I overheard Schwarzman mention the poor cell service in the building.

Getty Images/ Rob KimSteve Schwarzman prefers flip phones. He uses an iPad for everything else.

He was right-the reception was terrible. I could barely make a call with my iPhone 5S (Only one went through).

Luckily, though, the wifi in the building was working great. 

It's refreshing to see a billionaire who doesn't feel the need to carry a flashy smartphone. On the flip side, it's also nice knowing that it doesn't take a smartphone to make a billionaire.