Thursday, May 2, 2013
OXFORD CREATES MORE RICH GRADUATES
The rivalry
between Oxford and Cambridge, two of Britain's best-known universities,
is legendary and now it seems Oxford has pipped its competitor by
producing the wealthiest graduates. According to research by global
analysts Wealth-X, Oxford counts 401 ultra high net worth (UHNW)
individuals among its alumni population with a total net worth of USD 51
billion and each individual's average net worth around USD 127 million.
An UHNW individual is classed as having a net worth of at least USD 30
million after accounting for shares in public and private companies,
residential and investment properties, art collections, aircraft, cash
and other assets. According to a report in The Daily Telegraph, just
over two-thirds of Oxford's wealthiest alumni are self-made millionaires
while 14 per cent have inherited their money, and only 6 per cent of
the university's wealthy alumni are women. Although Cambridge, by
comparison, has a smaller number of very rich graduates – 361 – their
average net worth is greater at USD 258 million and their total net
worth is almost double at USD 93 billion. From Cambridge, 70 per cent
of the richest alumni can claim to have forged their own wealth while 13
per cent have inherited their money. The average age of ultra wealthy
individuals from both Oxford and Cambridge is 59. Wealth-X researched
the wealthiest alumni from 20 British universities and found that the
London School of Economics (LSE), Imperial College London and London
Business School (LBS) also boasted a high number of rich graduates. The
University of Birmingham had the highest percentage of self-made
wealthy alumni at 84 per cent. The average net worth of Birmingham's
rich graduates was USD 106 million. The University of Edinburgh had the
highest percentage of alumni who had inherited their wealth, at 26 per
cent. Most of the universities that made the wealth stakes cut were
from the Russell Group, which represents the UK's top 24 universities.
"Seventeen out of the 24 Russell Group universities are featured in the
report, which reflects the ability of such prestigious institutions to
attract high calibre individuals, who proceed to create financial
success," said Mike Byrne, European sales director at Wealth-X, in
reference to the findings.
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