While Mr. Trump himself did not attend the party, his daughter Ivanka and her husband, Jared Kushner, did. So did others from the administration, including Elaine L. Chao, the transportation secretary; Steven T. Mnuchin, the Treasury secretary; and Wilbur Ross, the nominee for commerce secretary. Other guests included everyone from the prominent financier Henry R. Kravis of Kohlberg Kravis Roberts and the fashion designer Donatella Versace to Susan George, executive director of the Inner-City Scholarship Fund in New York.

People who were there said that the tennis courts had been covered with Asian-themed staging, and that Mr. Schwarzman was presented an oversize cake that looked like an Asian temple. But even a generous tally of all the most lavish components couldn’t get you anywhere within shouting distance of $20 million: Even if, theoretically, Gwen Stefani had charged the $1 million that Rod Stewart was said to have charged at Mr. Schwarzman’s 60th (and she didn’t; the figure was substantially lower), it would take 20 of her to get to that price tag.

A friend of Mr. Schwarzman’s said that one of the lessons from the 60th birthday’s blowback was he was never going to satisfy his critics, and that he had to live his life on his own terms. At age 70, said the friend, who spoke on condition of anonymity in order to express candid views, Mr. Schwarzman has given a lot back and does not need to placate everyone.

In truth, Mr. Schwarzman has become perhaps the most successful financier on Wall Street over the past decade, growing Blackstone to become the pre-eminent asset manager in the country, pulling far ahead of his private-equity rivals and turning his firm into one of the largest real estate investors in the world. And his generosity has extended to several nine-figure donations — that’s more than $100 million each — to Yale, the New York Public Library and a scholarship program modeled after the Rhodes for students from the United States to attend Tsinghua University in China.

Last week, responding to scholarship recipients’ criticism over his decision to help Mr. Trump, Mr. Schwarzman wrote in a letter: “I regret that some scholars have reservations about my following this approach with the new administration in Washington. In life, you’ll often find that having influence and providing sound advice is a good thing, even if it attracts criticism or requires some sacrifice.”