Wall Street Is Making Even More Billionaires of U.S. Colleges
Endowments are riding the bull market to riches, but some question whether students should get more help.
Photographer: Michael Nagle/Bloomberg
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American universities are the richest they’ve ever been, with more schools than ever sitting on endowments valued at $1 billion.
From 2009 to 2016, the number of institutions hitting the 10-figure mark increased from 55 to as many as 90. As the year ends, the bull market promises to deliver additional billion-dollar endowments, given that investment returns averaged 13.2 percent for the year ended June 30. Ivy League stalwarts such as Dartmouth College and Cornell University are being joined by newcomers including the University of Arkansas and Virginia Tech. Some of these recent arrivals are already focused on bigger numbers in the years to come.