Among the major motives behind many Indian students choosing to study abroad is the prospect of earning lucratively well. Backing this claim, a recent study reveals the list of the top universities in the US that have produced a large percentage of the centi-millionaires in the country.
A report published by Henley and Partners highlighted that 35% of the centi-millionaires present in the USA currently call just 8 universities as their alma maters, out of the 4,000 established in the country. Meanwhile, the rest of the centi-millionaires come from other colleges in the USA.
The Group Head of Education Services at Henley and Partners, John Milne, stated that Harvard, MIT, Stanford, the University of Pennsylvania, Columbia, Yale, Cornell and Princeton are the alma maters of the large majority of the US’ super-affluent.
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In his statement, Milne revealed that a large portion of the centi-millionaires in the US was once classed as international students. A not-for-profit think tank, the National Foundation for American Policy stated that about 25% of the billion-dollar companies were founded by international students. Inevitably, the Ivy League schools in the US were the alma maters of the centi-millionaires of the US.
Henley and Partners define centi-millionaires as people “so affluent that they do not need to think about how much they spend”. Further referring to them as the super-affluent who need not worry about money ever again.
According to the report, the top 8 universities that produced the centi-millionaires of the US include:
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Princeton University: Concluding the list, Princeton is also responsible for producing 3% of the richest people in the country and is ranked 16th in the QS World University Rankings 2023.
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Cornell University: Cornell is responsible for producing 3% of the US’ super-affluent and is ranked 20th in the QS World University Rankings 2023.
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Yale University: Producing 4$ of the US’s millionaires, Yale University was ranked 18 in the QS World University Rankings 2023.
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Columbia University: Produced 4% of the US’ super affluent, including Warren Buffet, an alumnus of Columbia Business School. The University ranked 22 in the QS World University Rankings 2023 and ranked 18 for graduate employability.
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University of Pennsylvania: Prodicing 4% of the centi-millionaires in the US, UPenn is ranked 13 in the QS World University Rankings 2023 and 19th in the global graduate employability rankings.
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Stanford University: Producing another 5% of the country’s millionaires, Stanford is ranked 3rd in the QS World University Rankings and 2nd in the world for graduate employability.
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Massachusetts Institute of Technology (MIT): Produced 5% of the US’s millionaires and ranked 1st in the QS World University Rankings 2023.
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Harvard University: Produced around 7% of the US’ millionaires and alma mater to some of the “biggest technology bigwigs” such as Bill Gates and Mark Zuckerberg. Harvard is ranked the top 5th university for graduate employability by QS and ranked 4th in the QS Global MBA ranking 2023 list.
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Previously, around the late 1990s, USD 30 million was the standard to meet this definition. However, with asset prices rising significantly since then, USD 100 million is the new benchmark to fall under the centi-millionaire category.
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Source: The Economic Times
