Stephen Schwarzman, the stoic head of private equity powerhouse The Blackstone Group, could soon topple Carl Icahn to be New York’s second richest man.

With the value of his soon-to-be public company reaching north of $20 billion, Schwarzman’s stake would be worth at least $8 billion, sources familiar with the company said.

Many analysts believe Blackstone’s stock will skyrocket once it debuts and could push the veteran dealmaker’s net worth even higher.

The 71-year-old Icahn has a net worth of $13 billion, according to Forbes magazine. Mayor Michael Bloomberg is New York’s richest man with an estimated net worth of nearly $20 billion. Schwarzman, 60, has an estimated net worth of $3.5 billion.

Schwarzman recently made headlines for throwing a lavish 60th birthday party for himself that cost an estimated $5 million and included a performance by Rod Stewart and Patti LaBelle.