According to a survey commissioned by Spear's Magazine and leading consultancy firm WealthInsight with Elite Traveler, universities located in the United States are dominant for producing millionaires, with thirty-one universities of the top fifty being American Universities.
Harvard, whose alumni include Barack Obama and John F Kennedy, ranked first, followed by the University of Pennsylvania. Stanford University, University of Oxford (UK), and the University of California all follow respectively to complete the top five universities producing millionaire alumni.
Universities in the UK produce the second highest number of millionaires in the world after the US, with University of Oxford ranking in fourth place - beating University of Cambridge which came in eleventh place. London came out top with the University of London (12), London School of Economics (31), and Imperial College (50), but Manchester is also in the millionaire-producing list with the University of Manchester.
Australia followed behind with four universities, two in Melbourne and two in Sydney, also making the top 50.
Ecole Polytechnique in France and Tel Aviv University in Israel are other universities outside the UK and US that made it to the top 30.
Mexico and Ireland both made the list with Instituto Tecnologico de Estudios Superiores de Monterrey (ITESM) at number 36 and Trinity College at 47.
Commenting on the findings, Head of WealthInsight, Oliver Williams said: “Though the US far outnumbers the UK by sheer volume of millionaires, ranking second on this list by number of institutions is telling of the prowess that the UK’s universities have globally.
“Oxford and Cambridge are household names for academic brilliance the world over, and while not all their graduates go onto earn their millions, these universities do provide fertile recruiting grounds for some of the world’s leading corporations."
“Since most institutions on this list also rank highly in academic merits, there is evidence here of how intellect often breeds wealth. Entrepreneurial ideas are nursed at these schools, while they prove fertile recruiting grounds for some of the world’s leading corporations. However, we haven’t included the large numbers of university dropouts – such as Mark Zuckerberg and Bill Gates – who went on to make billions.
IN FULL – The top 50 universities for producing millionaires:
|2||University of Pennsylvania||USA||Philadelphia|
|5||University of California, Berkeley||USA||Berkeley|
|6||University of Texas||USA||Austin|
|9||Yale University||USA||New Haven|
|10||University of Michigan||USA||Ann Arbor|
|12||University of London||UK||London|
|13||California State University||USA||Los Angeles|
|15||New York University||USA||New York|
|16||Columbia University||USA||New York|
|17||Massachusetts Institute of Technology||USA||Boston|
|18||Southern California University||USA||Los Angeles|
|20||University of Wisconsin||USA||Madison|
|21||University of Illinois||USA||Champaign|
|22||University of Virginia||USA||Charlottesville|
|24||University of New South Wales||Australia||Sydney|
|29||Tel Aviv University||Israel||Tel Aviv-Yafo|
|31||London School of Economics||UK||London|
|33||Miami University||USA||Oxford (Ohio)|
|34||University of Toronto||Canada||Toronto|
|36||Instituto Tecnologico de Estudios Superiores de Monterrey (ITESM)||Mexico||Monterrey|
|38||University of Notre Dame||USA||Indiana|
|39||North Carolina University||USA||Chapel Hill|
|42||Purdue University||USA||West Lafayette|
|43||Indiana University Bloomington||USA||Bloomington|
|44||University of Florida||USA||Gainesville|
|46||National University of Singapore||Singapore||Singapore|
|48||Texas A&M University||USA||College Station|
|49||University of Melbourne||Australia||Melbourne|