Class acts: One in five university graduates become a millionaire

Official figures revealed that two million degree-holders have a net worth of £1m or more.

13:13 16 May 2014

The Office for National Statistic has released a report that reveals the growing gap between the rich and poor. According to the study, 20per cent or one in five university graduates have a net worth of £1m or more. 

 

Meanwhile, the same study shows that there are only 3per cent of people with no college diploma have assets worth more than £1million. 

 

The gap in wealth as it relates to education has widened over time.  In 2006-7, there were 16per cent of graduates were millionaires compared with two per cent of people without formal qualifications. 

 

David Willetts, the universities minister told The Telegraph that the official figures were “more evidence of why going to university is a very good deal”.

 

He added: “It shows why it’s fair to ask graduates to pay back the cost of their higher education, and why increasing the number of people who go to university will spread wealth and opportunity.”

 

The data also underlined growing regional disparities in wealth across the UK, with London prospering far more than other areas.

 

The figures revealed that nearly a tenth of all UK adults now own assets worth £1m or more. This includes property, pensions, savings and physical objects.

 

READ MORE: Top of the class: The world's 10 most reputable universities