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Around 30% of world’s billionaires don’t have a bachelor’s degree: Report

Source | BusinessToday : By Devika Singh

Dream to become super rich? Well who doesn’t? But the good news is at least you don’t need a degree to get there. A recent report by Wealth-X, an ultra high net worth (UHNW) intelligence and prospecting company, reveals that around 30 per cent of the world’s billionaires don’t even have a bachelor’s degree.

“Possessing a degree from a university is not a requirement for becoming an UHNW, let alone a billionaire. Billionaires, on average, do possess at least a bachelor’s degree, at the rate of 70.1 per cent,” the report says.

According to the report, only 22 per cent of the world’s billionaires possess a Master’s degree, a mere 13.1 per cent have an MBA and only 9.5 per cent have a PhD. Whatever it may need but at least a higher qualification is not a prerequisite for becoming rich as just 3.5 per cent of world’s super rich have a JD or Doctor of Law degree while 0.7 per cent are MD.

Another interesting finding of the report reveals the most preferred universities of uber-wealthy from around the world.

The report says that Harvard University emerges as the most popular educational destination by far, awarding twice as many degrees as runner-up Stanford University, while US-based universities continue to take the lion’s share of representation, with the top 11 spots and 15 of the top 20 overall held by US-based universities.

Other universities in the Top 5 are Massachusetts Institute of Technology, Columbia University, and University of Pennsylvania.

According to the yearly report, in 2015, the world’s billionaire population grew by 6.4 per cent to reach 2,473, which it says is a record; while their combined wealth increased by 5.4 per cent to $7.7 trillion, also a record. Here are some other interesting insights from the Wealth X Billionaire Census 2015-2016.

 

  • Asia leads all regions in growth of both billionaire population and wealth at 15.2 per cent and 19.6 per cent, respectively. Asia was responsible for 57 per cent of all net billionaire additions and 70 per cent of all new billionaire wealth in 2015.
  • Global billionaires are predominantly self-made, with over 55 per cent of the total population sourcing their wealth from fruitful business ventures or successful investments. Self-made billionaires represent 57 per cent of total billionaire wealth, an increase of 7 per cent from 2014.

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