Davos 2026 | India delivers Blackstone’s best returns, says Chairman Schwarzman; AI fuels US growth

Speaking to CNBC-TV18 at the World Economic Forum in Davos, Blackstone Chairman and Chief Executive Stephen A. Schwarzman said unresolved geopolitical tensions have so far failed to derail markets, as

artificial intelligence-driven growth continues to dominate investor focus.

“Most people aren’t questioning the global economy,” Schwarzman said, noting that geopolitical issues remain “more questions than answers.” Despite that uncertainty, he said markets have shown resilience because of strong economic drivers, particularly in the United States.

Schwarzman said the advent of artificial intelligence has created “solid economic growth” rather than speculative excess. He pointed out that the US economy expanded by 4.3% in the most recent quarter, an outcome he described as highly unusual given the country’s already high income levels.

Noting United States' "GDP per capita (of) around $70,000, growing 4%-plus almost (which has) never happened in decades,” he contrasted it with India’s per capita income of about $3,000 — which makes higher percentage growth easier.

According to Schwarzman, nearly three-quarters of recent US growth has been driven by the construction of data centres, fuelled by unprecedented spending from large technology companies. He noted that this is now triggering a significant surge in electricity demand.

“There’s going to be a big boom in electricity,” Schwarzman said, warning that the US faces power shortages after two decades of stagnant electricity growth. He said grid expansion would be essential to support continued data centre development.

'Ambassadors for India in the developed world'

Turning to India, Schwarzman said the country remains Blackstone’s strongest market globally. “Our India business is our number one business in the world in terms of rates of return for the investments that we make,” he said.

He added that Blackstone acts as “ambassadors for India in the developed world,” citing the firm’s long-standing presence and growing investments across sectors including real estate, hospitals, housing and asset management.

Schwarzman also highlighted Blackstone’s commitment to India, saying the firm has an all-Indian team on the ground. “I love going to India,” he said. “We have an amazing team of people in India. All Indians.”