Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

(UNAUDITED)

(in millions)	Three Months Ended March 31, 2015		Year ended December 31,
			2014			2013		2012			2011		2010
Income before income taxes	$	1,118	$	4,395		$	3,973	$	3,470		$	3,135	$	3,021
Less: Net income (loss) attributable to noncontrolling interests(1)		38		(30	)		19		(18	)		2		(13	)
Pre-tax income attributable to BlackRock, Inc.		1,080		4,425			3,954		3,488			3,133		3,034
Add: Fixed charges		65		254			258		261			236		209
Distributions of earnings from equity method investees		9		57			80		42			30		14
Less: (Losses) earnings from equity method investees		33		158			158		175			23		141
Pre-tax income before fixed charges	$	1,121	$	4,578		$	4,134	$	3,616		$	3,376	$	3,116
Fixed charges:
Interest expense	$	51	$	232		$	211	$	215		$	176	$	150
Interest expense on uncertain tax positions(2)		3		(22	)		3		3			10		8
Portion of rent representative of interest(3)		11		44			44		43			50		51
Total fixed charges	$	65	$	254		$	258	$	261		$	236	$	209
Ratio of earnings to fixed charges		17.2x		18.0x			16.0x		13.9x			14.3x		14.9x

⁽¹⁾  Amount includes redeemable and nonredeemable noncontrolling interests.

⁽²⁾  Interest expense on uncertain tax positions has been recorded within income tax expense on the consolidated statements of income.

⁽³⁾  The portion of rent representative of interest is calculated as one third of the total rent expense.