Inside a $5 billion fortune: One family’s ledger in the Epstein files

Subscribe to enjoy similar stories. What do personal finances look like for someone worth billions? The Epstein files provide a rare look. The complex finances of former Apollo Global Management Chief Executive Officer Leon Black are laid out in several documents in the Justice Department’s recent releases, down to the exact balances in each of his 69 bank accounts and the details of a $484 million loan backed by his extensive art collection.

Black socialized with Jeffrey Epstein and turned to him for tax- and estate-planning advice. The documents date to 2014 and 2015, so Black’s finances are different today. But the disclosures offer an exceptionally granular look at the strategies used by many of the ultrarich to build wealth and minimize their tax bills.

Some of the richest Americans borrow, even though they are worth billions on paper. They use trusts and limited liability companies and put their money into private investments that aren’t accessible to the typical person. And they spend millions of dollars on things like rare books and Chinese bronzes.

Black’s net worth was estimated at $5 billion, according to a “Financial Analysis Summary" dated March 31, 2015. The documents don’t make clear who prepared the summary or for what purpose. Business investments including his Apollo shares and stakes in Apollo funds accounted for $2.3 billion of his assets.

His art collection, rare-book collection and other personal items were worth $2.8 billion. He also had seven homes, 11 cars, a Gulfstream jet and a Benetti yacht. Black, now 74 years old, owns about 7% of Apollo, which manages $938 billion in assets across private credit and private equity and owns a large life insurer.