Goldman Sachs CEO Lloyd Blankfein is now a billionaire

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Analysis: Lloyd Blankfein Is Overpaid

Lloyd Blankfein, the CEO and Chairman of Goldman Sachs since 2006, is now a billionaire.

The legendary Wall Street titan, who grew up in a housing project in Brooklyn and ended up earning degrees from Harvard University, has seen his net worth surge to $1.1 billion (£704 million).

According to the Bloomberg Billionaires Index, the massive surge in his wealth is due to him being the largest individual shareholder in investment banking giant Goldman Sachs, which manages nearly $911.5 billion (£583 billion) in assets.

Goldman Sachs' share price has quadrupled since it went public in 1999. Blankfein has a $500 million (£320 million) stake in the group. His ownership of 2.24 million shares makes him the bank's largest stockholder. He also has around $600 million (£384 million) from a real estate and investment portfolio.

On top of that, he has made $126.6 million (£81 million) in compensation over the last four years, which seems like pocket money in comparison to the rest of his wealth.

It's no wonder that Goldman Sachs' share price shot up over the past few years. In its second quarter this year, earnings came in stronger than expected. The investment bank reported a 13% rise in investment-banking revenues, when compared to the same period last year.

In the investment management division, revenues were $1.65 billion, or 14% higher than the year-ago quarter and 4% higher than last quarter. The bank said that was due to higher fees.

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Click through the slideshow below to see the 10 highest paid CEOs:

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Goldman Sachs CEO Lloyd Blankfein is now a billionaire
10. Jeffrey Bewkes, Time Warner, $32.7 million

Chairman and CEO of Time Warner Inc. Jeffrey L. Bewkes speaks during Tribeca Talks Industry: The Business Of Entertainment - At The 2011 Tribeca Film Festival at SVA Theater on April 27, 2011 in New York City. (Photo by Astrid Stawiarz/Getty Images)

8. Jeffrey Leiden, Vertex Pharmaceuticals, $36.6 million

Jeffrey Leiden, CEO of Vertex Pharmaceuticals. (Photo by Suzanne Kreiter/The Boston Globe via Getty Images)

7. Marc Benioff, Salesforce.com $39.9 million

Marc Benioff of Salesforce.com, winner of CEO of the Year, collects his award at the TechCrunch 8th Annual Crunchies Awards at the Davies Symphony Hall on February 5, 2015 in San Francisco, California. (Photo by Steve Jennings/Getty Images for TechCrunch)

6. Leonard Schleifer, Regeneron Pharmaceuticals, $42 million

Leonard Schleifer, founder and chief executive of the biotechnology company Regeneron, in an interview on March 9, 2015 -- (Photo by: Adam Jeffery/CNBC/NBCU Photo Bank via Getty Images)

1. David Zaslav, Discovery Communications, $156.1 million

President and CEO Discovery Communications David Zaslav speaks onstage at Discovery Communications TCA Winter 2015 at The Langham Huntington Hotel and Spa on January 8, 2015 in Pasadena, California. (Photo by Alberto E. Rodriguez/Getty Images for Discovery Communications)

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