Russell Group Universities Produce Most UK Millionaires

Combining results from two waves of research (June 2011 and January 2012) with millionaires based in Britain, eight of the top ten universities are in the Russell Group, with just the University of St Andrews and Aston University from outside the group.

Combining results from two waves of research (June 2011 and January 2012) with millionaires based in Britain, eight of the top ten universities are in the Russell Group, with just the University of St Andrews and Aston University from outside the group.

The University of London is ranked first, with almost one in 10 millionaires gaining a degree or higher from one of its colleges. Oxford is ranked second, significantly ahead of Cambridge in third. One in 13 attended Oxford, compared to one in 20 for Cambridge.

Top Ten Ranked by Attendance

In terms of cities that deliver the most money earning potential, Birmingham is in top spot, with both the University of Birmingham (ranked 6^th) and Aston University (ranked 9^th) appearing in the top ten.

If the top ten are ranked in terms of millionaires who came through the state school system, the University of Bristol moves into first place, with nine out of 10 having been to state school. The University of Glasgow is second, with the University of Manchester in third place. The bottom four (allowing for joint places in ranking of top attended) in terms of state school attendance are Cambridge (8^th place), Oxford (9^th place), Aston University (10^th place) and the University of St Andrews (11^th place).

Top Ten Attended Ranked by State School Attendance

Graham Bentley, Skandia UK's head of investment strategy comments:

"Having a private school education seems to have been influential in gaining a place at the Oxbridge universities according to this research, with almost half of the millionaires who gained a degree from Oxford or Cambridge having attended private schools.

"However, what's really interesting is the overall number who have gained places at top universities from the state school system and then gone on to have successful careers that have enabled them to earn a fortune. With so much focus on the cost of getting a degree, it's worth noting that having a degree can be a valuable tool in achieving financial success."

The Skandia Millionaire Monitor+ report is available to view and download free at http://www.skandia.co.uk/millionaire-monitor-plus.

Notes to Editors

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Skandia's second survey of millionaires is available to view and download free at http://www.skandia.co.uk. A link to this can be made in online editorial coverage. Called Millionaire Monitor+ it provides a snap-shot of the lifestyle and attitudes of very wealthy people across six countries: the UK, France, Italy, Hong Kong, Singapore and Dubai. The results featured in this press release are taken from UK results only.

About Skandia

Skandia offers long-term investment solutions. It is part of the wealth management business of Old Mutual plc, a leading long-term savings group with £272.6 billion of funds under management (30.09.2011).

This press release is for journalists only and should not be relied upon by financial advisers or customers.

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