Entries in Universities (3)


Harvard Tops List of 15 Schools with the Wealthiest Alumni

iStockphoto/Thinkstock(NEW YORK) -- The old adage, "It's not what you know, but who you know," may ring true when it comes to the universities with the largest number of wealthy alumni.

Research firm Wealth-X compiled a list of the global universities with the largest number of living alumni worth $30 million or more, or ultra high net worth individuals, as they are called.

Based on Wealth-X's research, Harvard University blows the competition out of the water with 2,964 alumni worth a collective $622 billion. That's nearly twice the alumni of University of Pennsylvania, which follows with its 1,502 alumni of ultra high net worth individuals.

"Relationships and networks are so important in terms of career path success and prosperity," said David Friedman, president of Wealth-X.

Only three public universities made the top 15 list, composed of all U.S. schools, which Friedman said has implications for educational opportunities for low-income and middle class families.

"It shows public universities have a great opportunity to build on their strategy," Friedman said about alumnae efforts.

Interestingly enough, the majority of wealthy alumni of both public and private universities were "self made."

"That speaks to the entrepreneurial spirit of individuals attending these schools who are leveraging the robust alumni networks to pull themselves into these networks," he said.

Friedman said this is the first time a group has published a report of such granular data.

Only three universities outside the U.S. -- Oxford, University of Mumbai and University of Cambridge -- made it to the top 20 list.

Here is a list of the 15 universities with the highest number of alumni worth $30 million or more:

1. Harvard University; Private

The oldest university in the country, Harvard University in Cambridge, Mass., also has the wealthiest alumni. The 2,964 ultra high net worth individuals from the Ivy League school are worth $622 billion and include 52 billionaires, the highest number of all the universities in Wealth-X's list.

2. University of Pennsylvania; Private

Based in Philadelphia, UPenn's wealthiest alumni are worth a combined $242 billion.

3. Stanford University; Private

In Silicon Valley's Palo Alto, Calif., Stanford's wealthiest alumni, presumably in the tech sector, are worth $171 billion.

4. Columbia University; Private

Attending an expensive Ivy League school in one of the priciest cities in the country had better yield results for Columbia University alumni. Its wealthiest alumni -- who include Berkshire Hathaway CEO Warren Buffett -- are worth a combined $116 billion.

5. New York University; Private

Boasting a network of business graduates from its Stern School of Business, NYU's wealthiest alumni are worth a combined $110 billion.

6. University of Chicago; Private

University of Chicago's notable alumni include Credit Suisse CEO Brady Dougan and Morningstar Inc. founder Joe Mansueto. Its wealthiest 658 living alumni are worth a combined $144 billion.

7. Massachusetts Institute of Technology; Private

The wealthiest alumni among MIT's Beavers -- engineers in nature and the school's mascot -- are worth a collective $172 billion. The ultra high net worth alumni from MIT, based in Cambridge, Mass., have the highest average net worth of $257 million.

8. Yale University; Private

Yale can boast of graduates like Meryl Streep and five U.S. presidents as well as having the eighth highest number of ultra high net worth alumni. The 568 wealthiest alumni from Yale, based in New Haven, Conn., are worth a collective $125 billion.

9. Cornell University; Private

In Ithaca, N.Y., Cornell's 528 wealthiest alumni are worth a combined $60 billion.

10. Princeton University; Private

The wealthiest alumni from Princeton University in Princeton, N.J. are worth a collective $70 billion.

11. University of Virginia; Public

The highest-ranked public university in the list is UVA, based in Charlottesville, Va. Its wealthiest alumni are worth a total of $31 billion. UVA has the highest percentage of self-made ultra high net worth individuals. Notable alumni include talk show host Katie Couric and comedian and writer Tina Fey.

12. Boston University; Private

Boston University's 491 wealthiest individuals are worth a combined $38 billion. The university's notable alumni include radio personality Howard Stern and actresses Marisa Tomei and Julianne Moore.

13. Northwestern University; Private

Northwestern's 451 wealthiest alumni are worth a total of $46 billion. Based in Evanston, Ill., Northwestern's famous Wildcats include a slew of actors like Warren Beatty, plus Chicago Bulls and White Sox owner Jerry Reinsdorf.

14. University of California, Berkeley; Public

Formerly a liberal stalwart of the hippie generation, today Cal is known for its engineering and business programs. Its wealthiest 447 alumni are worth a combined $72 billion.

15. University of Michigan; Public

The University of Michigan's 410 richest alumni are worth a collective $70 billion.

Copyright 2013 ABC News Radio


Sarah Lawrence Tops List of Most Expensive US Colleges

iStockphoto/Thinkstock(NEW YORK) -- A college degree may be losing its value, but the price tag for a four-year education continues to rise.

The cost to attend college for one year exceeded $60,000 for the first time this year, according to Campus Grotto, a college publication that compiles an annual list of the most expensive colleges.

Tuition at more than 70 colleges is more than $55,000, according to Campus Grotto, and the sticker price often makes it necessary for students to seek financial assistance through student loans and other means.

Last year, the total student debt surpassed $1 trillion.

According to a report from the Pew Research Center, nearly one in every five U.S. households is saddled with student loan debt.

The Pew Report found that 40 percent of all households headed by those younger than 35 had student loan debt. Among households owing on student loans, the average outstanding loan balance increased from $23,349 in 2007 to $26,682 in 2010, according to the Pew Research Center.

In the meantime, the cost of a college degree continues to climb.

This year the cost to attend the most expensive college, Sarah Lawrence College, for one year was  more than double the average outstanding loan balance in 2010. The private college in New York’s Westchester County charges its students $61,236 a year for tuition, room and board and fees.

Here’s Campus Grotto’s list of the top 10 most expensive colleges:

1. Sarah Lawrence College
Total Cost: $61,236

2. New York University
Total Cost: $59,837

3. Harvey Mudd College
Total Cost: $58,913

4. Columbia University
Total Cost: $58,742

5. Wesleyan University

Total Cost: $58,202

6. Claremont McKenna College
Total Cost: $58,065

7. Dartmouth College
Total Cost: $57,996

8. Drexel University
Total Cost: $57,975

9. University of Chicago

Total Cost: $57,711

10. Bard College
Total Cost: $57,580

Copyright 2012 ABC News Radio


Collegians Ditching Dorms for McMansions

File photo. iStockphoto/Thinkstock(MERCED, Calif.) -- At the University of California, Merced, one right of passage -- college students crammed into shoebox-sized dorm rooms -- is no longer.

For thousands of collegians, the life of the starving student has been traded in for the lap of luxury, many of them now living in sprawling new homes that were abandoned by foreclosures in one of the hardest-hit cities in the U.S.

These so-called "McMansions" are complete with spiral staircases, sparkling chandeliers and even Jacuzzis.

Third-year student Stephen Chang and five other engineering buddies live in a 3,300-square-foot house that has five bedrooms, four full bathrooms, a gas fireplace and a two-car garage. In the kitchen, there are granite countertops, a walk-in pantry and a stainless-steel sink and dishwasher. The dining room now serves as the Ping-Pong room and a place to store bikes. Chang even has his own bathroom.

They pay about $300 a piece a month -- about half as much as they paid to live in the school's dorms.

So many students have moved to these giant suburban homes that the university has shuttle buses to transport them to and from classes. Chang and Laird said that several other college students lived on their street and that the neighborhood was mostly made up of students.

"I guess it's kind of sad to see all these students living in such nice houses, when there could be families living there," Chang said, "[but] we are bringing income to this area, so better us rent these houses than have them just sit here and nobody rents them at all."

It's a win for the young university, which only has enough campus housing for about a third of its nearly 5,200 students.

"It's not a win for the people who lost their homes but it's a win for our students and for the campus that our undergraduate and graduate students have some really lovely places to live in," said Jane Lawrence, the university's vice chancellor for student affairs.

Some students' parents are swooping in and buying the homes as investment properties and the banks that are sitting on these vacant sites are benefitting. Even the neighbors don't seem to mind.

"They get in there and they're paying the rent and they're taking care of business," Michael Abarca said. "They are pretty quiet on the block."

Ellie Wooten, a real estate broker and the former mayor of Merced, said the university had greatly helped a community crippled by the foreclosure crisis.

"When you have students in [the homes], you don't have vandalism and people breaking in and that sort of thing," Wooten said. "There is a background check on their parents so the parents know they are responsible for their son or daughter living in this house. ... Businesses at large are doing a lot better because of the students."

Copyright 2011 ABC News Radio

ABC News Radio