In 2016, Schwarzman Scholars program was established with almost US$400 million endowment by Steven Schwarzman, the chairman and CEO of the Blackstone Group and other multinational corporations and global leaders. Modeled after the Rhodes Scholarship, the Schwarzman Scholars program annually selects and funds 150-200 scholars across the world to enroll in one-year master's degree programs specifically designed for the purpose of nurturing future leaders in Global Affairs. 45% students are selected from the United States, 20% students are selected from China, 35% are selected from rest of the world. These scholars reside on the university campus at Schwarzman College, a residential college built specifically for the program.