Asides from being good with finances, research shows billionaires to be on the ball when it comes to their studies – or at least ‘studying hard’ is what has allowed them to come into money. Those who go on to graduate with fine degrees are also the one’s who go on to pursue great careers.
More than meets the eye
A breakdown of the ‘educational background of the top tier of dollar billionaires’ has revealed that those questioned ‘studied hard’ to gain their retrospective degrees. In fact, studies indicate having a worthy degree to their name is often the biggest reason for their successes.
Although many are under the impression the wealthy rely solely on their wit and fortune to get by, this is far from the case. Instead of posing as self-taught entrepreneurs, the rich are in fact very much into learning from others.
According to the insurance company Go Compare, 76% of billionaires have a degree. This research examined the post-school education of those hitting the 100 mark of the Forbes billionaire rich lists. Further studies reveal 47% of billionaires hold a bachelor's degree, 23% have a master's degree to their names and 6%, a doctorate.
What subjects are the wealthy studying?
Students who are better off than the average student tend to study subjects such as economics and engineering. Other popular courses include the sciences.
Only a quarter of all wealthy billionaires asked did not enter university – having deciding to pursue other goals before graduating with a degree. When you compare these figures to students of the US adult population, findings reveal that a massive 68% of billionaires are more likely to hold a bachelor's degree than that of the general population. On top of this, those featuring on the rich list are more than three times as likely to hold a postgraduate degree.
Where do the wealthy study?
There are many Universities in the world; however, the rich tend to study at elite institutions, instead of local colleges. To emphasise this point, the word ‘Harvard University’ is the single most common name to be found on the CV of a billionaire, with Harvard Business School following closely behind. Other top US universities include Ivy League institutions and high-class private colleges such as Princeton, Yale, Amherst, Duke and Bryn Mawr.
Another popular institution for billionaires, and one that is perfectly in tune with the rise in Russian wealth is Moscow State University. Other prevalent choices include a number of Moscow specialist institutes.
Both Stanford University in California and the Massachusetts Institute of Technology are hot on the heels of Harvard and Moscow, and have become the starting points for a growing number of tech billionaires. To highlight this point, Google's celebrated Sergey Brin was a Stanford postgraduate.
When it comes to UK universities, both Cambridge and the London School of Economics boast a list of multi-billionaires students. Oxford University’s claim to fame is it was once home to media mogul Rupert Murdoch.
In France, the Ecole Polytechnique is amongst the top Universities for ex-student billionaires. There are also an array of billionaire graduates from Milan in Italy, Calcutta and Mumbai in India, Karlsruhe in Germany and Zurich in Switzerland.
The benefits of higher education
Although higher education can be on the costly side, it’s one of the most beneficial journeys you can embark on. Asides from learning about your chosen field, higher education helps you to land the career you desire. University helps students from all different backgrounds to embrace opportunity, applying what they’ve learnt as a student to real world situations.
Which Universities are producing the most billionaires?
To date, the University of Pennsylvania has produced the most billionaires, while Yale, Harvard, Princeton Stanford, the University of Southern California and Cornell closely follow this particular establishment.
When comparing these facts to UK institutions, the London School of Economics came out on top and is the establishment said to have produced the most billionaires.
The Centre for Economic Performance has recently released a study at the LSE, which showcased the link between subsequent earning power and degree grade in the UK. Results revealed the more people to attain a University degree; the greater the financial return. This proved to be especially the case for those with first-class and upper second-class degrees.
The Chairman of the Sutton Trust, Sir Peter Lampl, who promotes social mobility and fair access to university, said: “It's no surprise that many of the world's richest people have postgraduate degrees from top universities.”
He went on to state: “Our own research has identified a postgraduate wage premium of £200,000 in lifetime earnings. We do need to make sure that the financial rewards and opportunities post graduate degrees offer are available to bright people from all backgrounds not just the well-off.”
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