University of Cambridge among the best for producing millionaires
PUBLISHED: 15:56 18 August 2016 | UPDATED: 16:00 18 August 2016
Who wants to be a millionaire?
Cambridge produces the second-highest number of millionaires from any UK university.
A new survey of global university alumni, commissioned by Spear’s Magazine, saw Cambridge come second behind arch rivals Oxford.
Cambridge finished in eleventh place while Oxford managed to command fourth place and six more UK universities all managed to feature in the top 100.
Spear’s Magazine and data research company Wealth Insight compiled the top 500 universities worldwide for producing millionaires.
Overall it was the United States which produced the highest amount of millionaires and dominated the list with 14 of the top 20 being American Universities.
The report pointed out the top degrees that lead to becoming a millionaire included engineering, law, finance and accounting.
However, the study was keen to acknowledge that degrees tend to be irrelevant and many of the millionaires tend to be entrepreneurs who have worked their way up the ladder.
Other UK universities that made the top 100 included the London School of Economics and Political Science in 27th, University of London in 45th, London Business School in 63rd, Imperial College in 68th while the University of Bristol just missed out in 102nd place.
Oliver Williams, a Wealth Insight data analyst said: “You would expect to see a high number of scientific or financial degrees in the top 10, like engineering, commerce and accounting.
“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 practising their professions but climbing the ranks of the financial services sector.”
Josh Spero, Editor of Spear’s Magazine added: “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.’
“The report is also careful to point out that some of the more famous super rich people did not attend or dropped out of university.
“The examples always used are Mark Zuckerberg and Bill Gates who both dropped out of Harvard, while Richard Branson left school at 16.