16 May 2014 by

One In Five University Students Become Millionaires

It's the week we learned that one in five university students become millionaires. 

That's right, forget everything your grandad grumbled about your degree being 'a waste of bloody time' (just us?!) and celebrate. Getting a good education correlates with becoming rich.

A new study from the Office for National Statistics reports that more than two million of Britain's degree holders have a wealth of more than £1million. That's double the entire population of Birmingham. 

Plus, the number of educated millionaires appears to be rising despite the recession. In 2006-07 only 16% of British graduates were making the big bucks compared to 20% now. 

'It shows why it’s fair to ask graduates to pay back the cost of their higher education,' says Universities Minister David Willets. 'And why increasing the number of people who go to university will spread wealth and opportunity.'

So, congrats to the bachelors, masters and doctors out there because the years spent pulling all-nighters in the library and struggling through hangovers in the back of lecture halls were totally worth it. 

Cast your mind back, two out of the 10 people in your uni seminar group are probably millionaires. Well…sort of.  Before you decide you're a failure for not hitting the million-pound mark and/or start obsessing over which of your former uni peers had a 'future millionaire' glint in their eyes (our money's on that girl who did ALL the additional reading), consider these three things:

1. Although on a basic level it makes sense that highly qualified people are getting highly paid jobs, there's no reason to believe going to university causes greater wealth. While some degrees like medicine, finance and law lead directly to potentially well paid jobs, other don't. The figure's probably skewed by these graduates. 

2. Many entrepreneurial career paths don't require a degree. Let's be honest, you don't need to read classics to become a pro business woman, you need contacts, experience and drive. 

3. Plus these stats are based on assets and don't take into account debts. For example, they ignore mortgages. You'd be classed as a millionaire on the survey just for owning a flashy house you're still paying for. 

What do you think? Does higher education equal higher earning potential? 

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