LONDON: The University of Mumbai has more multi-millionaires as alumni than the University of Cambridge or Brown University. And if universities from the US are excluded, it is second only to Oxford in the number of students who have gone on to become super-rich.
Mumbai University is the only Indian entry in a top 20 graduate ‘rich list’ that has ranked universities that will make you a millionaire. With 372 multi-millionaires (net worth: $37 billion) as alumni, it is ranked 18th in the list. Delhi University also finds mention: though it does not figure in the top 20 list, it has 229 super-rich alumni.
According to research by wealth analyst Wealth-X, Harvard boasts of the highest number of rich alumni globally: 2,964 multi-millionaires worth a total of $622 billion. Harvard is also the alma mater of 52 billionaires, the largest number of billionaire alumni.
The list was compiled by counting the number of former students from each university who are believed to be worth at least £20 million, taking into account their earnings, properties and other assets.
Oxford tops the list from the UK with 401 super-rich graduates, but Cambridge has more billionaires. The list, which is dominated by American universities, has Oxford at No. 16 and Cambridge at No. 19.
“University of Mumbai has the highest percentage of ultra high net worth (UHNW) alumni who have inherited their wealth at 27% as well as the highest percentage of UHNW alumni who have inherited wealth and proceeded to create fortunes of their own at 29%,” the study says. So, 44% of multi-millionaire alumni from Mumbai University are “self-made.”
One of India’s oldest universities, it was established in 1857 and boasts of alumni such as Reliance Industries Ltd chairman Mukesh Ambani and cricket icon Sunil Gavaskar.