The largest survey ever produced on how the wealthy were educated
UK universities produce the second highest number of millionaires in the world after the USA
Both Oxford and Cambridge make the top ten and 42 UK universities including Manchester, Newcastle, Liverpool and Bradford make it into the top 500 global universities which have produced the highest number of millionaires
Engineering degrees produce the most millionaires, while other ‘vocational' degrees – MBA, law, accounting, finance – also lead to financial success, though not necessarily in their fields
Only just over 1% of the world's millionaires did not attend, or dropped out of university
London - November 4, 2013 (www.investorideas.com newswire) The degree subjects and universities that produce the most millionaires across the world have been revealed by SPEARS's magazine in association with leading wealth consultancy company WealthInsight.
The research shows that a degree in engineering produces more millionaires than any other programme, while other ‘vocational' subjects like law and accounting also breed millionaires, though not necessarily in their fields.
Josh Spero, editor of SPEAR's magazine, says: "Entrepreneurs, who ultimately end up being the wealthiest in the world, are innovators, and the top subjects are those which encourage new and smart thinking, whether technical or financial. But it's also no surprise to find that the brightest people, who go to the best universities, often leave their degrees behind and go into high finance to seek their fortune."
Spero adds: "The universities which dominate are exactly the ones you'd expect, not just because of the quality of the education but because of the self-confidence they instil in their students. They also have strong alumni networks which give their students a leg up when they move into the world of work."
According to Oliver Williams of WealthInsight, "You would expect to see a high number of scientific or financial degrees in the top 10, like engineering, commerce and accounting. Numerical degrees are a notable advantage when it comes to amassing a personal fortune."
"But, interestingly, few of these degrees turn out to be outright vocational; most engineering graduates, for example, are not engineers but entrepreneurs. The same goes for most law and politics graduates, who owe their fortunes not to practicing their professions but climbing the ranks of the financial services sector."
Computer science makes an interesting addition to the list. According to Williams, "This shows the rise of the tech industry. In future years, as more and more tech entrepreneurs make it big, we should expect it to move further up the list."
The research also shows that the UK sits second in the global table after the USA, with 42 universities making the top 500 most attended universities by millionaires in the world. The University of Oxford (6) comes out on top, producing more international millionaire alumni than Cambridge (9), however the tables are turned when you measure the number of UK millionaires produced.
Other UK universities making the top 500 include the London School of Economics (27), University of London (45), London Business School (63), Imperial College (68), Bristol University (102), University College London (114), Edinburgh University (115), Leeds University (148), Southampton University (150), University of Manchester (152), Newcastle University (168), Durham University (173), Birmingham University (215), Nottingham University ( 217), Liverpool University (238), Glasgow University (267), Lancaster University (296), Sheffield University (299), University of Bradford (460).
The survey also shows that just over 1% of the wealthiest never saw it through to a diploma ceremony.
This group, including Richard Branson and Bill Gates, who famously dropped out of Harvard, has gone on to do well enough in the global wealth stakes.
For further information please contact Ida Kloster at press@wealthinsight.com or call +44 (0) 203 220 0818
For the full top 100 list of global universities please go to here
Methodology
WealthInsight has gone through its database of 70,000 millionaires (HNWIs – individuals with over US$1 million in assets – excluding primary residences), to find which are the most popular degrees and the highest attended universities.
This growing database profiles HNWIs in over 200 countries, with a focus on Ultra HNWIs (those with over US$30 million). Each profile details not only information about an individual's education, but also their wealth, assets, relationships and interests.
Definitions
"Multimillionaires" otherwise known as "ultra high net worth individuals" or "UHNWIs" are individuals with net assets of US$30 million or more, excluding their primary residences.
"Millionaires" otherwise known as "high net worth individuals" or "HNWIs" refer to individuals with net assets of US$1 million or more, excluding their primary residences.
SPEAR's is the multi-award winning wealth management and luxury lifestyle brand whose flagship magazine has become a must-read for the ultra high net worth community. It is also required reading for the affluent financial services community, including the bankers, lawyers and family offices who advise the rich. www.spearswms.com
WealthInsight is the leading source of news and insight into the wealth sector. Working in over 200 countries, with teams of researchers and analysts in 15 offices worldwide, providing detailed analysis on the world's High Net Worth Individuals (HNWI) and producing business information which helps organisations to make informed decisions and win new business. Headquartered in London, WealthInsight has a global reach, with offices in San Francisco, Mexico City, Buenos Aires, Madrid, Hyderabad, Hong Kong and Sydney. Learn more about our services at: www.wealthinsight.com
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