University Alumni Report 2022

Rankings of the Wealthy and Influential

Thought leadership
University Alumni Report 2022
Rankings of the Wealthy and Influential

James Lavell
Chief Executive Officer

Richard Green
Chief Commercial Officer

Manuel Bianchi
Senior Vice President and Global Head of Sales, Wealth Solutions

Mark Hevey
Senior Vice President and Global Head of Sales, Professional Intelligence

Michael Phillips
Vice President, Marketing and Communications

Amanda Cifone
Senior Marketing Director

Lead authors
Maya Imberg
Senior Director, Head of Thought Leadership and Analytics

Maeen Shaban
Director of Research and Analytics

Design
Stephanie Warburton
Director of Visual Communications

Dawn Lastre
Visual Communications Coordinator

© Altrata September 2022. Part of the Euromoney Institutional Investor PLC Group. All rights reserved.

This publication is for your information only and is not intended as an offer, or a solicitation
of an offer, to buy or sell any product or other specific service. All information and opinions
indicated are subject to change without notice.
Contents
01 Executive summary 1
02 Introduction 2
03 The value of alumni 4
04 Ultra wealthy alumni 5
05 Senior executive alumni 12
06 Archetypes: Harvard, INSEAD and Oxford alumni 19
07 Methodology 21
08 About Altrata 23

Altrata | University Alumni Report 2022: Rankings of the Wealthy and Influential

Executive summary
Wealthy and influential alumni
offer their alma mater(s) a variety
of significant commercial and
academic opportunities. These include
major private donations, corporate
partnerships/donations and networking
opportunities for students and recent
alumni, among others. In an increasingly
competitive education market,
institutions need to make the most of
their ultra wealthy (with a net worth of
$30m+) and senior executive alumni —
the groups of focus for this report.
The specialisms and strengths of
particular universities are clear to see.
Among the US and non-US universities
respectively, the California Institute of
Technology and the Indian Institute of
Management Ahmedabad have the
highest share of ultra wealthy alumni
with self-created fortunes (at 91.7% and
96.2%), a nod to their focus on enterprise.
The University of Melbourne has the
highest proportion of female senior
executive alumni (40.2%) of the Global 19
major indices, while University of Mumbai
senior executive alumni are the fastest
to land their first C-suite or board role,
which they achieve in 14.9 years.
Access to a large network of
professional connections can be seen
as a return on investment for graduates.
The average senior executive alum of a
top 20 US university has accumulated
1,280 direct professional connections
to senior decision-makers. Graduates
of these universities will be able to tap
into these highly valuable networks over
the course of their careers. Harvard
alumni lead with an average 1,537 direct
professional connections.
Altrata | University Alumni Report 2022: Rankings of the Wealthy and Influential | 1
01
Harvard University stands in a league of
its own. Its estimated 17,660 ultra wealthy
alumni account for a startling 5% of the
global ultra wealthy population, while
the almost 3,900 alumni who are senior
executives at listed companies in the US
represent 5.9% of this total population.
Harvard also ranks first – ahead of
INSEAD and Oxford – for the number of
alumni working as senior executives of
listed companies across the Global 19
(non-US) major indices. The University of
Pennsylvania and Stanford University also
feature prominently among these US and
global rankings.
Of the non-US universities, Cambridge,
INSEAD, Oxford and the National
University of Singapore lead the way. The
University of Cambridge ranks first for
ultra wealthy alumni, with an estimated
4,149 such individuals, followed by the
National University of Singapore (3,653)
and the University of Oxford (3,356).
When it comes to senior executives at
companies listed on the Global 19 major
indices, INSEAD and Oxford alumni
rank highly, along with graduates of the
London School of Economics.
INSEAD’s wealthy and influential alumni
are younger and slightly more female
than those of Oxford and Harvard.
Oxford’s senior executive alumni have
the highest number of professional
connections, while Harvard’s ultra
wealthy alumni have a particularly high
share of self-created fortunes. While
alumni of three of the world’s most
prestigious learning institutions share
similarities, the unique characteristics
of each university’s set of alumni shine
through.
 02
Introduction
Aside from representing the output of its education program, an education institution’s
wealthy and influential alumni offer their alma mater a variety of commercial and academic
opportunities. These range from major private donations and corporate partnerships to
networking opportunities for students and recent alumni, among others. In an increasingly
competitive education market, institutions that are able to make the most of this important
group of alumni stand to benefit considerably.

This report, the first of its kind to be published by Altrata (and powered by Wealth-X and
BoardEx data), examines the leading universities attended by the ultra wealthy (individuals with
a net worth of $30m+) and senior executives in the US and globally. What comes across is a
diverse set of institutions, regional patters and variations, plus specific university specialisms
and strengths.

The report begins with a discussion of the importance of alumni and the growing pressures on
education institutions to diversify their funding. We then focus on the ultra wealthy, uncovering
the leading US and non-US universities according to the number of such alumni. We also detail
the top-ranked universities, both in and outside the US, based on the characteristics of their
ultra wealthy alumni, including their source of wealth, gender, geographic origin and age.

Our next spotlight is on alumni who are senior executives at publicly listed companies, first at
US-listed firms and then at companies listed on the major indices of 19 countries across the
world (the Global 19). We uncover the leading universities attended by such alumni and, among
the US group, we note the large number of professional connections these individuals have to
other senior decision-makers. We also reveal the top-ranked universities based on some of the
characteristics of their senior executive alumni, such as gender, speed of career progression
and industry focus.

We conclude by focusing on the ultra wealthy and senior executive alumni of Harvard
University, INSEAD and the University of Oxford, three of the world’s most prestigious learning
institutions. We find that while their wealthy and influential alumni share similarities, the unique
characteristics of each university’s set of alumni shine through.

Altrata’s University Alumni Report 2022: Rankings of the Wealthy and Influential report offers
unrivaled insight into the university backgrounds of the ultra wealthy and senior executives. It is
essential reading for education institutions and other organizations looking to prospect for and
engage with individuals in this important group.

Altrata | University Alumni Report 2022: Rankings of the Wealthy and Influential | 2
Introduction

Terms used in this report

Ultra high net worth (UHNW) individuals
Those with a net worth of $30m+ (also referred to as the “ultra wealthy”).

Senior executives
Directors of publicly listed companies, the vast majority of whom are either in the C-suite or
on the board (executive and non-executive directors).

The Global 19
Our senior executive analysis is based on the major indices of 19 selected countries across
the world. They are: Australia, Brazil, Canada, France, Germany, Hong Kong, India, Ireland,
Italy, Japan, the Netherlands, Russia, Singapore, South Africa, Spain, Sweden, Switzerland,
the UAE and the UK.

The Global 20
The Global 19 plus the US.

How do we gain insight into wealthy and influential alumni

around the world?
This report leverages two of Altrata’s unique products, the Wealth-X Database, the world’s
most extensive collection of curated research and intelligence on the wealthy, and BoardEx’s
Global Leadership Database, which covers board and non-board members, C-suite
executives, senior leaders and professional advisers.

For our ultra wealthy alumni analysis, we studied the ultra wealthy across the globe, dividing
our analysis into US and non-US universities. For our senior executive alumni analysis, we
studied the senior executives at publicly held corporations in the US and, for our non-US
analysis, at the constituent companies of the major indices across 19 countries (the Global 19).
For our archetype analysis for Harvard, INSEAD and Oxford, we included all ultra wealthy and,
among the senior executive alumni, those working at the constituent companies of the major
indices of the Global 20 (the Global 19 and the US).

For full details, please see the Methodology.

Altrata | University Alumni Report 2022: Rankings of the Wealthy and Influential | 3
 03
The value of alumni
A university’s graduates are so much more than simply the output of its The value of alumni
educational program. In fact, high-flying alumni offer their alma maters a
variety of benefits on the financial and academic fronts. What alumni go Private
donations
on to do in their professional careers, whether in business, science, the
arts and other fields, speaks of the quality of an institution’s education
program, the brand it carries and the infrastructure capabilities it has to
support the career development of its graduates.

In particular, alumni who are either wealthy and/or influential in the

corporate world are a major ongoing opportunity for education Alumni
institutions. First and foremost, these alumni are potential significant networks
donors on the fundraising side, either as private donors or as senior
executives facilitating donations by their companies (often in the form
of scholarships or support for a specific need or research cause). The
US has a longstanding tradition of giving to one’s alma mater, and more
institutions around the world are rapidly encouraging the adoption of this
tradition as schooling becomes increasingly globalized and public funding Corporate
sources more restricted (in some markets), necessitating a move towards donations
funding diversification.

Second, wealthy and influential alumni are typically well connected and
can provide network (and often practical professional) opportunities for
students and recent alumni. Third, their status, achievements, connections
and, sometimes, celebrity help to bolster an institution’s reputation.
Corporate
Finally, institutions can leverage such alumni to pave the way for corporate partnerships
partnerships, such as research and development cooperation (in the
pharmaceuticals industry, for example) or working placements in industry.
In other words, education institutions stand to benefit significantly from
making the most of this important set of alumni.

Brand and
Wealthy and influential alumni offer their reputation

alma maters significant commercial and

academic opportunities.

In the chapters that follow, to capture insights on wealthy and influential

alumni we focus on two groups of individuals: the ultra wealthy (those with
a net worth of $30m+) and senior executives of publicly listed companies.
It is worth noting that there is some overlap between these two groups,
however, the vast majority of senior executives are not ultra wealthy (many
are wealthy but not to such an extent1) and, therefore, these two groups
are examined independently of one another.

1 Leveraging the BoardEx and Wealth-X databases, we examined both sets of individuals for matches, confirming that
the vast majority of senior executives had a net worth of less than $30m. This was unsurprising given that the ultra wealthy
population is a very small and exclusive group.
Altrata | University Alumni Report 2022: Rankings of the Wealthy and Influential | 4
 04

Ultra wealthy alumni

Totaling around 352,000 individuals2, the ultra wealthy population is an exclusive segment of
the wealthy class, accounting for just 1.2% of the world’s millionaires (those with a fortune of
$1m or more). Which universities produce (or attract) such wealthy individuals? And how do
such alumni differ across universities?

This chapter examines US and non-US universities, uncovering the leading universities
by the number of UHNW alumni. It also details the top-ranked universities in and outside
the US, based on certain characteristics of UHNW alumni, such as their source of wealth,
geographic origin and gender. There is a diverse mix of institutions, as well as clear regional
patterns and variations.

2 Refers to 2021. See our upcoming World Ultra Wealth Report 2022.

Altrata | University Alumni Report 2022: Rankings of the Wealthy and Influential | 5
Ultra wealthy alumni
Leading universities by number of alumni

The top US universities Top UHNW US universities

Harvard University stands in a league Universities by the estimated number of UHNW alumni
of its own, with an estimated 17,660
1 Harvard University
UHNW alumni. This is more than double
17,660
the number for Stanford and the 2,484 (known alumni)

University of Pennsylvania, in second 2 Stanford University

7,972
and third place respectively. The number 1,123
Global ultra wealthy
population 2021
also equates to a substantial 5% of 3 University of Pennsylvania
7,517
the global ultra wealthy population, a 1,053 352,230
reflection of the stature and networking 4 Columbia University
opportunities a Harvard degree confers 757 5,528

upon its graduates. Stanford and the 5 New York University

University of Pennsylvania also account 673 5,214
for a large proportion of UHNW alumni, 6 Northwestern University
at 2.3% and 2.1% respectively. 535 4,354
7 Massachusetts Institute of Technology
Six of the eight Ivy League universities 540 4,089
feature in the top 20, with three in the 8 Yale University
top four positions. This group of private 542 3,654
institutions in the north-east of the US 9 University of Southern California
attracts huge financial endowments 436 3,594
from corporate and individual donors. 10 University of Chicago
456 3,588
Private universities dominate in the 11 University of Texas
US, with the top 20 containing just 494 3,407
four public institutions. Of these, the
12 Princeton University
University of Texas at Austin (ranked 3,173
453
11th) and the University of California, Los
13 Cornell University
Angeles (UCLA, ranked 14th) have the
401 2,911
highest number of UHNW alumni.
14 University of California, Los Angeles
2,906
Globally, of the top 20 universities 395

15 University of Michigan
ranked by number of UHNW alumni,
2,881
only four are outside the US. This 429

reflects the US’s status as by far the 16 University of Notre Dame

2,804
largest UHNW market, the powerful 378

“networking effect” at the country’s elite 17 University of Virginia

universities and their strong academic 361 2,568

reputation, which attracts students from 18 Georgetown University

around the globe. 345 2,505
19 Boston University
313 2,310
20 University of Miami
Harvard stands in a 339 2,285

league of its own. Note: An alum might have graduated from more than one university. Estimated alumni are based on
extrapolations using stratified samples of UHNW individuals within the Wealth-X Database that are
known to have a degree from a particular education institution (known alumni are shown within the
bars of the chart for transparency purposes). We use the database, its regional coverage and our
Wealth and Investable Assets Model to estimate the number of alumni within the total global
UHNW population.
Source: Wealth-X, an Altrata company 2022

AltrataTop UHNWAlumni
| University US universities
Report 2022: Rankings of the Wealthy and Influential | 6

A1
Ultra wealthy alumni
Leading universities by number of alumni

The top non-US universities Top UHNW non-US universities

UK universities feature prominently Universities by the estimated number of UHNW alumni
in the non-US list of institutions with
UHNW alumni, accounting for three 1 University of Cambridge UK
of the top five positions. The University 349 (known alumni) 4,149
of Cambridge leads the way, although 2 National University of Singapore Singapore
with an estimated figure of 4,149 162 3,653 Global ultra wealthy
population 2021
UHNW alumni, it ranks behind the top 3 University of Oxford UK
six institutions in the US and has less 327 3,356 352,230
than a quarter the number of Harvard. 4 INSEAD France
228 2,625
The National University of Singapore, 5 London School of Economics UK
the University of Oxford and INSEAD 205 2,017
in France are the other leading 6 University of Toronto Canada
institutions outside the US for 137 1,156
ultra wealthy alumni. Of the top 15 7 University of Mumbai India
universities, five are in the UK, while 1,131
99
China, India and Canada have two each.
8 Peking University China
111 1,101
Outside the US, the large majority of
9 Tsinghua University China
leading universities for UHNW alumni
1,100
are public institutions, which contrasts
107

10 University of Delhi India

with the dominance of private colleges
1,027
in America. Fourth-ranked INSEAD is 76

11 Imperial College London UK

the highest-profile exception, with the
964
American University of Beirut also a 93

private university. 12 American University of Beirut Lebanon

135 925
13 McGill University Canada
119 918

UK universities 14 University of New South Wales Australia

780
feature prominently,
87

15 London Business School UK

a reflection of their 78 747

attractiveness to Note: An alum might have graduated from more than one university. Estimated alumni are based
on extrapolations using stratified samples of UHNW individuals within the Wealth-X Database that

ambitious students
are known to have a degree from a particular education institution (known alumni are shown within
the bars of the chart for transparency purposes). We use the database, its regional coverage and
our Wealth and Investable Assets Model to estimate the number of alumni within the total global

from Europe, Asia

UHNW population.
Source: Wealth-X, an Altrata company 2022

and the Middle East.

Top UHNW non-US universities

A2

Altrata | University Alumni Report 2022: Rankings of the Wealthy and Influential | 7
 Ultra wealthy alumni
Alumni characteristics

Source of wealth
Self-made wealth dominates

Reflecting the UHNW population at large, most ultra wealthy alumni have created their
own fortunes. The California Institute of Technology heads the list in the US with 91.7%,
although this share lags behind those of the top five universities in the rest of the world, which
are dominated by institutions in India and China. Some 96% of UHNW alumni of the Indian
Institute of Management Ahmedabad have created their own wealth.

At 75%, the average share of self-made UHNW alumni across the top 50 universities in
the US is around 8 percentage points higher than the average for the top 50 non-US
institutions. While self-created fortunes are especially prevalent among the ultra wealthy
in Asia and other emerging markets, more traditional wealth markets, particularly in Europe,
tend to exhibit a lower share. This largely explains the higher average proportion of self-
made UHNW alumni of US universities. Although West Point Military Academy and the Naval
Academy in Maryland are not among the top 50 universities, it is worth noting that they have a
particularly high share (around 95%) of ultra wealthy graduates with self-made fortunes.

Self-made UHNW universities

Universities ranked by proportion of self-made UHNW alumni

US 75.0% Non-US 67.4%

Average of the top 50 Average of the top 50

1 California Institute of Technology 1 Indian Institute of Management Ahmedabad India

91.7% 96.2%
2 University of Maryland, College Park =2 Peking University China
90.7% 93.6%

3 University of Pittsburgh =2 Fudan University China

89.1% 93.6%
4 Johns Hopkins University 4 University of the Witwatersrand South Africa
88.7% 92.3%
5 University of Chicago 5 Renmin University of China China
84.7% 92.1%

Note: The top five were selected out of the top 50 UHNW universities in the US and rest of the world respectively.
Source: Wealth-X, an Altrata company 2022

The California Institute of Technology and the

Indian Institute of Management Ahmedabad lead
for their share of self-made ultra wealthy alumni.

Altrata | University Alumni Report 2022: Rankings of the Wealthy and Influential | 8
Ultra wealthy alumni
Alumni characteristics

Gender
Women are a minority

Chulalongkorn University in Thailand has the largest proportion of female UHNW alumni
at 22%, narrowly ahead of Kuwait University. Among US-based institutions, George
Washington University leads the way on 16.2%. However, these shares are the exception
rather than the norm.

On average, the share of women among ultra wealthy alumni of both groups of top
universities is slightly less than 10%, which broadly tallies with their representation among
the male-dominated general UHNW population. At an average of 8.8%, the proportion
of female UHNW graduates from the top 50 non-US universities is slightly higher than the
corresponding figure for institutions in the US (8.3%).

Top female UHNW universities

Universities ranked by proportion of female UHNW alumni

US Non-US
Average of Average of
1 George Washington University the top 50 1 Chulalongkorn University Thailand the top 50
16.2% 22.0%

2 Duke University 8.3% 2 Kuwait University Kuwait 8.8%

12.7% 21.2%

3 Boston University 3 Monash University Australia

12.6% 16.4%

4 Tufts University 4 University of Geneva Switzerland

12.5% 13.8%

5 Southern Methodist University 5 National University of Singapore Singapore

12.2% 13.0%

Note: The top five were selected out of the top 50 UHNW universities in the US and rest of the world respectively.
Source: Wealth-X, an Altrata company 2022

Top female UHNW universities

A7 and A8

Altrata | University Alumni Report 2022: Rankings of the Wealthy and Influential | 9
Ultra wealthy alumni
Alumni characteristics

Geographical origin
Non-US universities lead on diversity

The proportion of international UHNW alumni of leading universities in the US is

significantly lower than among the top institutions in the rest of the world. This is partly a
reflection of the large size of the US ultra wealthy alumni population in general, which masks
the high number of international alumni of these universities. However, it is certainly the case
that the top universities outside the US have a more diverse graduate community and often a
stronger focus on attracting international students.

France’s INSEAD is by far the most international, with more than 90% of its UHNW alumni
drawn from overseas. The universities of Manchester and Edinburgh also have a high
proportion (more than four-fifths) of non-domestic ultra wealthy graduates. In the US,
Boston University is the clear frontrunner, albeit with a share of around 40%, some way
ahead of the University of South Carolina and Massachusetts Institute of Technology (MIT) in
second and third place, respectively.

International UHNW universities

Proportion of universities’ international UHNW alumni by geographic origin

US Non-US

92.1%
87.8%
84.8%
79.0% 77.4%

39.7%

30.9% 30.7%
25.8% 25.0%

1 2 3 4 5 1 2 3 4 5
Boston University Massachusetts George Columbia INSEAD University of University of London Imperial
University of Southern Institute of Washington University France Manchester Edinburgh School of College
California Technology University UK UK Economics London
UK UK
Note: The top five were selected out of the top 50 UHNW universities in the US and rest of the world respectively.
Source: Wealth-X, an Altrata company 2022

International UHNW universities

Altrata | University Alumni Report 2022: Rankings of the Wealthy and Influential | 10

A3 and A4
Ultra wealthy alumni
Alumni characteristics

Age
Age reflects regional wealth trends at play

The average age of UHNW alumni of the leading 50 non-US universities is around six years
younger than that of those from the top US institutions. As with source of wealth, there is a
clear regional dynamic at play. The top five non-US universities are based in the Middle East,
Asia and the Pacific – regions with ultra wealthy populations that are generally younger than
those in the US and Europe.

At 40.7 years, Kuwait University has by far the lowest average age of UHNW alumni, a
reflection of the rapid wealth-creation opportunities in the oil-rich emirate. This is 16 years
younger than for the University of Denver, the top-ranked US institution. Ultra wealthy alumni
of the American University of Beirut, Tel Aviv University and Tsinghua University in Beijing also
all have an average age of below 50, which compares with an average of 57.5 years among
the top five US universities.

Youngest UHNW universities

Universities ranked by current age of UHNW alumni

US Non-US
Average of Average of
the top 50 the top 50
56.7 1 University of Denver 40.7 1 Kuwait University Kuwait
55.6
62.0

57.1 2 Boston College 47.4 2 American University of Beirut Lebanon

57.6 3 Tufts University 49.1 3 Tel Aviv University Israel

57.9 4 Brown University 49.3 4 Tsinghua University China

58.1 5 Boston University 50.0 5 Monash University Australia

Note: The top five were selected out of the top 50 UHNW universities in the US and rest of the world respectively.
Source: Wealth-X, an Altrata company 2022

Youngest UHNW universities

A5 and A6

Altrata | University Alumni Report 2022: Rankings of the Wealthy and Influential | 11
 05
Senior executive alumni
Which universities produce the most individuals at the top ranks of listed businesses? And
how do these senior executives differ by alma mater? This chapter focuses on two groups of
alumni: those who are senior executives at US-listed companies, and those who are senior
executives at companies across the Global 19 major indices (non-US).

We first rank universities based on the number of senior executive alumni and, among the
US group, also by the number of professional connections their alumni have to other senior
decision-makers. Similarly to the previous chapter, we rank the leading universities based
on certain characteristics of their senior executive alumni, such as gender, speed of career
progression and industry focus. What comes across, again, is a diverse set of institutions,
regional patters and specific university specialisms and strengths.

Regional patterns and specific university

specialisms and strengths shine through.

Altrata | University Alumni Report 2022: Rankings of the Wealthy and Influential | 12
Senior executive alumni
Leading universities by number of alumni

The top US universities Top universities by

Harvard University is the clear leader US senior executives
again – around 3,900 of its alumni are
Universities by the number of alumni who are
senior executives at listed companies senior executives of publicly listed companies
in the US. This represents a substantial
5.9% of US-listed company senior 1 Harvard University
executives, demonstrating Harvard’s 3,879
enduring reputation and popularity 2 University of Pennsylvania
at the top echelons of business. The 2,387
number of such alumni is some 60%
3 Stanford University
higher than for the second-ranked 2,017
University of Pennsylvania (which
4 Columbia University
accounts for 3.6% of executives) and 1,557
close to twice the number of third-
5 Northwestern University
ranked Stanford University (3.1% of 1,412
executives). The top three universities
6 University of Michigan
are the same across both ultra wealthy
1,323
and senior executive alumni of US listed
7 New York University
companies — demonstrating their
1,227
dominance among leaders in corporate
enterprise and entrepreneurship. 8 University of Chicago
1,154

The overall number of senior executive 9 Cornell University

alumni of the top-three universities is 1,060

larger than the combined total of the 10 University of California, Berkeley

next six highest-ranked institutions. 1,030
All of the top 10 universities have at least 11 University of Virginia
1,000 alumni who are senior executives 957
at US publicly traded companies. They 12 Yale University
also account for over a quarter of all 914
such senior executives; a very substantial 13 Massachusetts Institute of Technology
proportion given the very large number 901
of universities across the US. 14 Duke University
868
The highest-ranked public institution is 15 Georgetown University
the sixth-placed University of Michigan, 856
with approximately 1,300 senior 16 Princeton University
executive alumni. Seventeen of the top 756
20 universities are private, including 17 Dartmouth College
seven of the eight Ivy League institutions. 690
18 University of Southern California
663

Harvard’s almost 19 University of Notre Dame

3,900 alumni
633
20 University of California, Los Angeles

represent a 622

substantial 5.9% Note: An alum might have graduated from more than one university. Senior executives refer to
directors of publicly listed companies, the vast majority of whom are either in the C-suite or on

of senior executives
the board. Covering all US listed companies, we identified and examined a total of 65,666 senior
executives for the purpose of this analysis.
Source: BoardEx, an Altrata company 2022

at listed companies Top US universities by senior executives

in the US. B1
Altrata | University Alumni Report 2022: Rankings of the Wealthy and Influential | 13
Senior executive alumni
Leading universities by number of alumni

Professional connections Top US universities by alumni

As well as receiving financial donations professional connections
from their alumni, universities can
also benefit from their graduates’ Universities ranked by the average number of
a senior executive alum's direct connections
professional connections. These can
to other senior executives
be leveraged, for instance, to bolster
an institution’s reputation, strengthen 1 Harvard University
network opportunities for high-achieving 1,537
students and recent alumni or help to 2 Stanford University
develop corporate partnerships. Senior 1,441
executives are invariably well connected 3 Princeton University
to large numbers of senior business 1,434
decision-makers, including board 4 Dartmouth College
members, C-suite executives and others. 1,390

5 Massachusetts Institute of Technology

Access to a large network of 1,371
professional connections can be seen 6 Yale University
as a return on investment for graduates. 1,354
Among the top 20 US universities, the
7 Columbia University
average senior executive alum has 1,320
accumulated 1,280 direct professional
8 University of Chicago
connections to senior decision-makers 1,308
over the course of their professional
9 University of Pennsylvania
career — proof of the return on
1,302
investment for graduates of these
universities as they will be able to tap into 10 Georgetown University
1,283
these networks throughout the course of
their careers. 11 Carnegie Mellon University
1,282

Among senior executive alumni, the 12 Northwestern University

average number of direct connections 1,234

to senior decision-makers is fairly 13 Duke University

similar across all the top 20 US 1,230
universities, ranging from more than 14 Cornell University
1,500 at Harvard to 1,100 at 20th-placed 1,218
Tufts University. This is partly reflects 15 New York University
the broad strength and competitive 1,213
structure of the US university system, 16 University of Michigan
with a large number of prestigious and 1,167
highly selective institutions providing a 17 Johns Hopkins University
well-established pathway to executive 1,145
careers and networks. 18 University of California, Berkeley
1,139
19 Brown University
1,123
20 Tufts University
1,104

Note: Direct connections, or first-degree connections, are direct links between individuals.
Connections are revealed through current or historical overlapping careers, merger and
acquisition (M&A) deal relationships, contacts and board overlaps. We have excluded
connections via educational institution. The top 20 were selected out of the top 35 US
universities by the number of public company senior executive alumni.
Source: BoardEx, an Altrata company 2022

Altrata | Top US universities

University by alumni
Alumni Report 2022: Rankingsprofessional
of the Wealthy and Influential | 14

connections
Senior executive alumni
Leading universities by number of alumni

The top universities among the Top universities by senior

Global 19-listed companies executives in the Global 19
US universities feature prominently Universities ranked based on the number of
when ranked according to the number alumni who are senior executives at companies
of senior executive alumni at listed in the Global 19
companies across the Global 19 (non- (Rank and score)
US) major indices. Harvard ranks first,
1 Harvard University US
with Stanford in fourth and five other US
14.2
universities in the top 15. This is a nod to
2 INSEAD France
the global reputation and network reach
9.5
of these institutions, which provide a
3 University of Oxford UK
rigorous grounding to develop the skill
8.4
sets and expertise required for board
and C-suite positions at large publicly 4 Stanford University US
7.2
traded companies around the world.
5 University of Cambridge UK
6.3
INSEAD of France ranks second, ahead
of the University of Oxford, with three 6 London School of Economics UK
other UK institutions featuring in the 5.2

top 10. INSEAD is among the world’s =7 University of Pennsylvania US

most prestigious business schools, with 4.9
a highly renowned MBA program and =7 Columbia University US
strong international orientation in terms 4.9
of graduate selection, institutional and 9 Massachusetts Institute of Technology US
research links, and campuses located 4.7
in Asia, the US and the Middle East. In 10 London Business School UK
the UK, Oxford, Cambridge and the 4.6
London School of Economics are ranked 11 Northwestern University US
among the top six institutions for senior 4.1
executive alumni at Global 19 companies, 12 New York University US
reflecting their strong academic record, 3.6
highly developed networks and long- 13 National University of Singapore Singapore
standing international focus. 3.5
14 University of Delhi India
2.7

INSEAD and Oxford 15 McGill University Canada

2.5

rank highly but Note: Because the major indices comprising the Global 19 vary by number of constituent

Harvard leads
companies, we have weighted each index to carry an equal proportion (5.3%) in the
ranking to remove bias. For a full explanation, please see the Methodology.
Source: BoardEx, an Altrata company 2022

among senior
executive alumni
in the Global 19.
Top universities by senior executives in the Global 19

B6

Altrata | University Alumni Report 2022: Rankings of the Wealthy and Influential | 15
Senior executive alumni
Alumni characteristics

Gender
Australian universities lead for share of female leaders

The highest proportion of female senior executive alumni at US publicly traded companies
is 29%. UCLA, University of California, Berkeley and Tufts University in Massachusetts have
the highest female representation among their senior executive alumni in the US, although
there is little to choose between the top five institutions.

This compares with shares of 35-40% for the top-ranked institutions with female alumni
at listed companies across the Global 19. The list is headed by the University of Melbourne in
Australia, ahead of the nearby University of Sydney and the National University of Singapore.
Harvard ranks fifth in this list, with materially higher female representation in senior executive
roles in Global 19 corporates than among publicly traded companies in the US.

Top universities by female senior executives

Proportion of female senior executive alumni

US Global 19

40.2%

36.5% 35.9% 35.7%

34.6%

29.3% 29.1% 29.1% 28.9% 28.3%

1 =2 =2 4 5 1 2 3 4 5
University of University of Tufts Georgetown Boston University of University National London Harvard
California, California, University University College Melbourne of Sydney University of School of University
Los Angeles Berkeley Australia Australia Singapore Economics US
Singapore UK
Note: The top five were selected out of the top 35 and top 25 universities by senior executive alumni in the US and among the Global 19 indices respectively.
Source: BoardEx, an Altrata company 2022

Top universities by female senior executives

B3 and B3.1 Altrata | University Alumni Report 2022: Rankings of the Wealthy and Influential | 16
Senior executive alumni
Alumni characteristics

Career progression
Forging a leadership position takes time

Harvard graduates tend to assume board or corporate leadership roles at US-listed

companies more quickly than other alumni. On average, Harvard alumni spend 16.4 years
building experience in a corporate environment before assuming their first senior executive
role. This is a marginally faster career progression in the US than for alumni of second-placed
Stanford and compares with an average of around 18 years of professional experience for
alumni across the leading 35 US universities.

The number of years it takes for alumni to become senior executives at listed corporates in
the Global 19 is slightly lower than for US public companies. Heading the list are alumni of the
University of Mumbai, who have 14.9 years of professional experience before taking on a first
leadership or board role. On average, alumni of the top five universities in the Global 19 rise
to a senior executive position about a year earlier than the “best performing” Harvard alumni
at US listed companies. An important contributory factor will be the different corporate
structures and establishment conventions in the US and the Global 19 markets.

Top universities for fast career progression

Universities ranked by the number of years it takes for a senior
executive alum to reach the C-suite or board
US Global 19

16.4 1 Harvard University 14.9 1 University of Mumbai

16.6 2 Stanford University 15.1 2 University of Melbourne

16.9 3 Rice University 15.1 3 London Business School

17.0 4 Vanderbilt University 15.4 4 Stanford University

17.2 5 University of Pennsylvania 15.5 5 London School of Economics

Note: The top five were selected out of the top 35 and top 25 universities by senior executive alumni in the US and among
the Global 19 indices respectively.
Source: BoardEx, an Altrata company 2022

Senior
Top universities executive
for fast alumni of the University of
career progression
Mumbai
B4 and B5 take the shortest time (14.9 years)
to land their first C-suite or board role.

Altrata | University Alumni Report 2022: Rankings of the Wealthy and Influential | 17
Senior executive alumni
Alumni characteristics

Industry focus US university alumni by sector

Pharma and finance lead US universities ranked by the proportion of
senior executive alumni in the top five sectors
Some 40% of senior executive
Pharmaceuticals and biotechnology Average of
alumni of Johns Hopkins University the top 35
work in a US-listed company in the 1 Johns Hopkins University
pharmaceuticals and biotechnology 40.2%
17.1%
sector, highlighting the strong 2 Tufts University
industry specialization of alumni of 28.5%
certain institutions. This compares 3 Massachusetts Institute of Technology
with an average alumni share in the 25.9%
pharma/biotech sector of 17% across
the top 35 US universities. This share Financial services Average of
is the highest among senior executive the top 35
1 University of Virginia
alumni in general, reflecting their 20.9%
14.2%
choice of industry as well as the large 2 New York University
number of listed pharma/biotech 20.1%
companies in the US. 3 University of Notre Dame
19.7%
The proportion of senior executive
alumni at the top-ranked university
Technology Average of
in each industry sector is significantly the top 35
1 University of California, Berkeley
higher than the average share from
18.2%
across the top 35 US universities. For 10.4%
2 University of California, Santa Barbara
example, the 21% proportion of senior
17.2%
executive alumni of the University of
3 Massachusetts Institute of Technology
Virginia working in financial services 16.7%
compares with a 14% average share.
Similarly, the University of California,
Health Average of
Berkeley has near double the share of the top 35
1 University of California, Santa Barbara
senior executive alumni working in the
12.5% 6.9%
software and hardware technology
2 University of Florida
sector than the average for all major 10.0%
US universities (at 10%).
3 Johns Hopkins University
9.5%

Real estate Average of

the top 35
1 University of Southern California
9.7% 5.6%
2 New York University
8.9%
3 University of Virginia
7.7%

Note: Sector refers to the focus of a company that employs alumni as senior
executives. The top three universities were selected out of the top 35 US universities
by the number of senior executive alumni. The five industries were selected on the
basis that they reflect the most common industries among the top 35 universities'
senior executive alumni. Technology includes software and hardware.
Source: BoardEx, an Altrata company 2022

US university alumni by sector

B7
Altrata | University Alumni Report 2022: Rankings of the Wealthy and Influential | 18
 06
Archetypes
How do wealthy and influential alumni differ between universities? In this chapter we
highlight some of the differences and similarities between the UHNW and senior executive
alumni of Harvard, INSEAD and Oxford, three of the world’s most prestigious learning
institutions. For comparative purposes, the data focuses on all ultra wealthy (globally) and
senior executive alumni working at the constituent companies of the Global 20 (the Global
19 plus the US) indices.

Harvard, INSEAD and Oxford alumni

Select indicators on ultra wealthy and senior executive alumni
by university
Harvard University INSEAD University of Oxford

Ultra wealthy and senior executives

Age Proportion of women

61.5 56.3 59.5 17.5% 18.2% 17.7%

The ultra wealthy

Median wealth

$120m $130m $115m

Source of wealth

5.3% 6.7% 4.4%

Inherited Inherited Inherited
14.3% 28.1% 19.6%
Inherited/ Inherited/ Inherited/
self-made self-made self-made

80.4% 76.0%
Self-made 65.2% Self-made
Self-made

Senior executives
Average number of direct professional Number of public Number of years to assume
connections to other senior executives board seats first C-suite or board role

1,400 2.0 1.8 1.9 16.4 17.0 17.5

814

1,547

Note: For comparative purposes, the data focuses on all ultra wealthy (globally) and senior executive alumni working at the
constituent companies of the major indices of the Global 20 (the Global 19 and the US). This allows for a global view of alumni,
given the international nature of the companies for which they work. As a result, the data by university may differ slightly from
that of the rest of the report, where we have focused on the US and non-US separately.
Sources: BoardEx and Wealth-X, Altrata companies 2022

Altrata | University Alumni Report 2022: Rankings of the Wealthy and Influential | 19
Archetypes: Harvard, INSEAD and Oxford alumni

Harvard University
Older cohort, more self-made fortunes, fastest career progression

The average age of the ultra wealthy and influential alumni of one of the oldest and most
prominent universities in the US is the highest of the three groups at 61.5 years. While not
quite as high as the figure for Oxford, Harvard alumni have an extremely large professional
network of direct connections to senior decision-makers. Such networks can be leveraged
for a range of activities, notably business and career development. Where wealthy Harvard
alumni stand out is in the share of self-created fortunes (80%), the highest among the three
universities of focus. In addition, at 16.4 years, they have the shortest corporate career
progression to a leadership team or board, getting there more than a year before their Oxford
rivals.

INSEAD
Younger cohort, greater and more inherited wealth

The ultra wealthy and influential alumni of this exclusive and highly respected business school
are the youngest on average of the three cohorts, being four years junior to their Harvard
counterparts. The share of female alumni is around the average for the world’s leading
universities. Median wealth is the highest of the three institutions at $130m. Ultra wealth
arising from a combination of inheritance and self-created fortunes accounts for just over
a quarter of UHNW alumni, the largest proportion of the three institutions and materially
higher than for Harvard. Moreover, INSEAD alumni have the lowest average number of unique
first-degree connections to other senior corporate executives and (marginally) the lowest
representation on public company boards.

University of Oxford
Extensive network connections, high level of self-made wealth

Senior executive alumni of Oxford have the largest professional network of connections to
senior decision-makers, almost double that of INSEAD. The average age of the university’s
ultra wealthy and influential alumni lies between that of the other two institutions. The share
of UHNW alumni with solely inherited wealth is the smallest of the three universities and the
proportion of self-created fortunes is high at 76%, though lower than for Harvard. Wealth
is the smallest but still at a high median of $115m. Oxford senior executive alumni take the
longest to attain their first board or corporate leadership position – but only by a year.

While sharing many similarities, each

university’s set of alumni has distinct
characteristics that are clear to see.

Altrata | University Alumni Report 2022: Rankings of the Wealthy and Influential | 20
 07
Methodology

Methodology
This report leverages two of Altrata’s unique products, the Wealth-X Database, the
world’s most extensive collection of curated research and intelligence on the wealthy, and
BoardEx’s proprietary Global Leadership Database, which covers board and non-board
members, C-suite executives, senior leaders and professional advisers.

To capture insights on wealthy and influential alumni, this report focuses upon two groups
of individuals: the ultra wealthy (those with a net worth of $30m+) and senior executives of
publicly listed companies. For the purpose of this report, we define senior executives as
directors of publicly listed companies, the vast majority of whom are either in the C-suite or
on the board (executive and non-executive directors).

While there is some overlap between these two groups, most senior executives are not
ultra wealthy, that is, they are wealthy but not to such an extent. Leveraging the BoardEx
and Wealth-X databases, we examined both sets of individuals for matches, confirming
that most senior executives had a net worth of less than $30m. This was unsurprising
given that the ultra wealthy population is a very small and exclusive group relative to the
millionaire population. As a result, these two groups are examined independently of one
another for the purposes of this report.

Altrata considers alumni as belonging to the university(ies) from which they graduated.
Both undergraduate and graduate degrees are counted but executive education,
diplomas, certificates, honorary degrees and incomplete degrees are not included. Alumni
of multiple institutions may be counted more than once. Affiliated institutions and colleges
are combined under a single entity. References to $ refer to US dollars.

Ultra wealthy alumni

For this report, we studied the ultra wealthy across the globe, dividing our analysis into US
and non-US universities. To size and profile the ultra wealthy alumni population, we first
used the Wealth-X Database. This provided us with the number of “known” UHNW alumni
per university. The database provides insights into their financial profile, career history,
known associates, affiliations, family background, education, philanthropic endeavors,
passions, hobbies, interests and much more. Our proprietary valuation model (as defined
by net worth) assesses all asset holdings, including privately and publicly held businesses
and investable assets. Wealth-X uses the primary business address as the determinant of a
wealthy individual’s location.

In a second step, we then estimated the number of UHNW alumni based on extrapolations
using stratified samples of UHNW individuals in the Wealth-X Database who are known to
have a degree from a particular education institution. We calculated this estimate using the
database, its regional coverage and our Wealth and Investable Assets Model. This model
produces statistically significant estimates for total private wealth and estimates the size
of the population by level of wealth and investable assets for the world and each of the top
70 economies, which account for 98% of world GDP.

Altrata | University Alumni Report 2022: Rankings of the Wealthy and Influential | 21
Methodology

Senior executive alumni

This report’s senior executive alumni data is based on analysis of BoardEx’s unique and
proprietary Global Leadership Database, covering board and non-board members, C-suite
executives, senior leaders and professional advisers. The database contains more than 2
million profiles of public, private and not-for-profit organizations and the 1.6 million people
who work for them.

All BoardEx data is collected from credible, published sources and cannot be edited by
users. Our data is powered by a team of 400 skilled analysts, who research, verify and
maintain these profiles. Data details include current and historical roles (with start and end
dates) for board positions, employment and education.

The Global 19 indices For this report, we studied two groups of

Number of
senior executives separately. For US analysis,
Country Index companies we identified and examined the senior
in the index executives across all US listed companies, a
Australia S&P/ASX 100 100 total of 65,666 individuals. To present a global
view, we employed a different methodology
Brazil Bovespa 93
for the non-US analysis by examining
Canada S&P/TSX 60 60 the senior executives at the constituent
France CAC 40 40 companies of the major indices across 19
Germany DAX 40
selected major countries (the Global 19 – see
table, left).
Hong Kong Hang Seng 66

India BSE 200 200 Archetypes of Harvard, INSEAD

Ireland ISEQ 20 20 and Oxford alumni
Italy FTSE/MIB 40
For our analysis of Harvard, INSEAD and
Japan Nikkei 225 225 Oxford graduates, we considered both
Netherlands AEX 25 ultra wealthy and senior executive alumni.
Russia RTS 40
For ultra wealthy alumni, we used the same
methodology as previously, taking into
Singapore Straits Times 30
account the global ultra wealthy population.
South Africa FTSE/JSE Top 40 40 For senior executive alumni, we included those
Spain IBEX 35 35 working at the constituent companies of the
Global 20 indices (the Global 19 plus the US
Sweden OMX Stockholm 30 30
S&P 500 index – see table, left). As a result,
Switzerland SMI 20 the data on senior executives in this chapter
UAE ADX 75 may differ slightly from the rest of the report,
where we have focused on the US and non-
UK FTSE 100 100
US (Global 19) separately. In addition, for the
Inclusion of the US for the Global 20 indicators on age and proportion of women
US S&P 500 500 (which relate to both groups), duplicates were
removed to ensure that no individuals were
double counted.

Altrata | University Alumni Report 2022: Rankings of the Wealthy and Influential | 22
 08

About BoardEx
BoardEx is an Altrata company and is the leading provider of executive intelligence and relationship
mapping solutions. BoardEx works with premier organizations across the academic, corporate,
executive search, private equity, legal, and financial and professional services industries. Founded
in 1999, organizations trust BoardEx to identify, qualify and map connection paths to 2 million
organizations and the 1.6 million people who lead them, to enhance business development strategy,
talent management and alumni relations efforts, as well as conduct data-driven research and analysis.

About Wealth-X
Wealth-X is an Altrata company and the global leader in wealth information and insight. Wealth-X
partners with prestige brands across the financial services, luxury, nonprofit and higher-education
industries to fuel strategic decision-making in sales, marketing and compliance. Wealth-X has
developed the world’s largest collection of records on wealthy individuals and produces unparalleled
data analysis to help organizations uncover, understand, and engage their target audience, as well
as mitigate risk. Founded in 2010, with a team spanning North America, Europe and Asia, Wealth-X
provides unique data, analysis, and counsel to a diverse roster of worldwide clients.

About Altrata
Altrata is a data powerhouse, built to deliver more value to our clients. We are the global leader in
data-driven people intelligence on the wealthy and influential. We work at scale with businesses and
nonprofits across the world from a variety of industries. We help our clients connect with confidence
to the people who have the greatest impact on their business.

Our products give our clients all the information they need on everyone they need to know. Our data
is actionable, accurate, and comprehensive. And our global team of more than 400 researchers is
committed to maintaining millions of profiles and changing data points, so our clients can effectively
engage their target audience and make meaningful, lasting connections.

Altrata™ is a registered trademark of the Euromoney Group, which comprises five dynamic offerings:
BoardEx, Boardroom Insiders, RelSci, WealthEngine and Wealth-X.

Altrata | University Alumni Report 2022: Rankings of the Wealthy and Influential | 23
To obtain further information or to
request a demo, please contact us at:

info@altrata.com
press@altrata.com

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