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Mukesh Ambani, chairman of Reliance Industries Ltd., attends a convocation ceremony at Pandit Deendayal Petroleum University in Gandhinagar
Reuters/Amit Dave
Look what an Indian education did.

This is where India’s millionaires went to college

By Ananya Bhattacharya

More and more Indians maybe obsessed with studying abroad, but it’s those who went to universities within the country that actually create the most wealth.

Contrary to perception, far more Indian millionaires attended the universities of Mumbai and Delhi than those who went to the US and the UK for studies, a recent report by Johannesburg-based market research group New World Wealth said. In fact, even the country’s richest man, Reliance Group chairman Mukesh Ambani, studied chemical engineering at the University of Mumbai. Though Ambani enrolled in Stanford, he dropped out to join his family business.

Besides these state universities, the prestigious Indian Institutes of Technology (IITs) and India Institutes of Management (IIMs), too, have churned out several high net worth individuals (HNIs)—those with net assets of over $1 million.

Separately, almost a quarter of all HNIs in India have one thing in common: an MBA degree. After all, it does move the needle when it comes to salaries, besides helping secure jobs.