Penn State Alumni on the Forbes List: A Look at Their Paths to Success
While American universities dominate the list of schools with the most billionaire alumni, it's not all Ivy Leaguers. According to Forbes, the undergraduate degrees of the 2,755 people on the World’s Billionaires list come from all over the world, from Al-Azhar University in Egypt to the Zhejiang University of Technology in China. Hundreds didn't attend college or left before obtaining a diploma, including Bill Gates and Mark Zuckerberg, two Harvard dropouts who are among the world's five richest people.
However, among the billionaires who completed their undergraduate education, a few schools stand out. While Penn State may not be at the very top of the list when it comes to producing billionaire alumni, it has certainly contributed its fair share of successful individuals to the world. This article explores the connection between Penn State and the Forbes list, highlighting some of the university's most successful alumni and the paths they took to achieve their fortunes.
Top Universities for Billionaire Alumni
Before diving into Penn State's specific connections, it's helpful to understand which universities produce the most billionaire alumni overall. Here's a look at some of the top institutions, based on Forbes' data:
- Harvard University: Harvard Yard served as stomping grounds for the highest number of billionaire graduates of any school. Of its 29 billionaires, 17 amassed their fortunes in the finance and investment industry, including the college’s three newcomers to the World’s Billionaires list: Bitcoin twins Cameron and Tyler Winklevoss, and former Goldman Sachs CEO Lloyd Blankfein.
- (Tie) University of Pennsylvania: More than half of Penn’s billionaire alumni received their undergraduate degrees from the famed Wharton School. The Philadelphia institution was a launching pad for two of today’s noisiest billionaires: former president Donald Trump and Elon Musk, whose stakes in Tesla and SpaceX helped him rise to the number two spot on the World’s Billionaires list.
- (Tie) Stanford University: A breeding ground for startups, Stanford is the alma mater of more newly minted billionaires this year than any other school. The school’s eight newcomers comprise the founders of Carvana, DoorDash, Nubank, Robinhood and Zillow-all technology or tech-adjacent companies.
- Yale University: Yale’s undergraduate alumni include candy heirs John, Valerie and Victoria Mars, as well as oil heirs Lee, Edward, Robert and Sid Bass. Other notable billionaires who graduated from the New Haven, Connecticut college include Alibaba cofounder and Brooklyn Nets owner Joe Tsai and Stephen Schwarzman, CEO of investment firm Blackstone.
- University of Mumbai: All but four of its billionaire alumni inherited their fortune, including Asia’s richest billionaire Mukesh Ambani, who runs Reliance Industries, a conglomerate with interests in oil and gas, petrochemicals and telecommunications. Exceptions include the next richest Mumbai alumnus, Uday Kotak, who founded and runs one of India’s largest banks in the private sector.
- Cornell University: Cornell’s diverse billionaire alumni include former Citigroup head Sandy Weill, the namesake of the university’s medical school, private equity titan Robert F. Smith (who famously paid off the student debt of Morehouse College’s graduating class of 2019 in a commencement speech he gave there), and software entrepreneur David Duffield, who gave $5 million last year to establish a scholarship fund for undergraduate engineering students struggling during the Covid-19 pandemic.
- University of Southern California: The Los Angeles university’s billionaires include two filmmakers who graduated from its School of Cinematic Arts: Star Wars creator George Lucas and Brazilian director Walter Salles, an heir to one of his home country’s oldest banking families. The richest USC alumnus is Marc Benioff, CEO of cloud giant Salesforce.
- Massachusetts Institute of Technology: Half of MIT’s billionaires inherited their fortunes, including Koch Industries CEO Charles Koch and brother William Koch, who sold his stake in the company in 1983 to Charles and their late brother David. Self-made billionaires include mathematician Jim Simons, whose fortune comes from founding hedge fund Renaissance Technologies, as well Dropbox cofounder and CEO Drew Houston.
- (Tie) Columbia University: Located uptown from Wall Street, Columbia is the alma mater of 11 billionaires, more than half whose wealth originates from the finance and investments sector. The Manhattan university’s two richest alumni are Robert Kraft, owner of the NFL’s New England Patriots, and Rocco Commisso, the founder of cable company Mediacom and upcoming commencement speaker for Columbia’s engineering school.
- (Tie) Princeton University: Princeton rounds out the Ivy League’s dominance in the top ten. The combined net worth of Princeton’s super-rich graduates dwarfs that of any other university. That’s largely because Harvard’s two richest attendees (Bill Gates and Mark Zuckerberg) dropped out, while Princeton’s two richest-Amazon founder Jeff Bezos and his ex-wife MacKenzie Scott-both stuck around to get their degrees.
- (Tie) University of California, Berkeley: California’s flagship public university gained two new billionaires in connection with the Covid-19 pandemic. Harvard biology professor Timothy Springer, like Cornell alumnus Robert Langer, got rich thanks to his stake in vaccine maker Moderna. Meanwhile, DoorDash CEO Tony Xu took his food delivery startup public in late 2020 after the pandemic and its stay-at-home orders supercharged demand for takeout.
Penn State's Notable Alumni
While Penn State may not have as many billionaire alumni as some of the Ivy League schools, it has still produced a number of highly successful individuals who have made significant contributions in their respective fields. Here are a few noteworthy Penn Staters:
- Mark Parker: Since 2006, Mark Parker has been the President and CEO of Nike.
- Lara Spencer: Spencer began her television career on HGTV.
- Betty James: Mrs. James invented and marketed the Slinky with the help of her husband, Robert T. James.
- Tim Finestra: Finestra was a writer and producer on Home Improvement and The Cosby Show.
- Ty Burrell: In 2009, Burrell got his big break with the role of Phil Dunphy from Modern Family.
- Jef Raskin: Raskin is dubbed the “Father of the Macintosh.” He was one of the first employees for Apple and wanted a computer that was easier for people to use.
- Franco Harris: He was a running back for the Nittany Lions and helped the team achieve its 12-0 season in 1973. He majored in law enforcement and corrections.
- John Cappelletti: Cappelletti is Penn State’s only Heisman Trophy winner.
- Steve McCurry: A photographer for National Geographic, McCurry shot one of the “most widely recognized photos in the world today” called “The Afghan Girl” in 1985.
- David Jones: He obtained a degree from the school of business in 1921 while also working for the yearbook and the Phroth.
- Ruth Carlson: Carlson made history when she became TIME Magazine’s first female columnist; she took the job of White House Correspondent in 1994.
- Steven E. Souza: One of only a few screenwriters whose films have generated $2 billion at the box office, Souza’s work in film is noteworthy.
- Juan Luciano: She is the President and CEO at Archer Daniels Midland Company.
- Dennis Baldassare: He and his twin brother both attended Penn State and were members of the varsity wrestling team.
- Mike Reid: Reid might be the only person in history to be a pro-football-player-gone-country-singer. For four years, he was the defensive lineman for the Cincinnati Bengals. He has written several successful country singles, including “I Can’t Make You Love Me” by Bonnie Raitt.
- Keegan-Michael Key: He began his career as an actor and writer on MadTV. He is best known for Key & Peele, a comedy sketch show with his partner Jordan Peele.
The Value of a College Education
While a college degree isn't a guaranteed path to becoming a billionaire, the statistics suggest that attending certain universities can provide a significant advantage. Forbes has reported that nearly half of the nation’s wealthiest people majored in one of three subjects while in college: business, economics, or engineering.
Read also: Tech and Real Estate Moguls from Michigan
- Business: This was the major chosen by Dallas Mavericks owner (and “Shark Tank” host) Mark Cuban, Oracle of Omaha’s Warren Buffett, Salesforce’s Marc Benioff and Walmart heir Jim Walton.
- Economics: The wealthiest Economics majors include New York Mets owner and hedge fund investor Steve Cohen, who hails from the University of Pennsylvania, and brokerage firm founder Charles Schwab, graduate of Stanford.
- Engineering: Billionaires who were Engineering majors include former New York City Mayor Michael Bloomberg, former Google CEO Eric Schmidt and Amazon founder Jeff Bezos who studied both Engineering and Computer Science.
However, it's important to remember that success comes in many forms, and a college degree is just one piece of the puzzle. As Forbes noted, "Clearly, graduating from a top school isn’t a requirement for admission to The Forbes 400. Nor is it a guaranteed ticket on the list. But this select group of schools must offer some advantage, given their disproportionate share of the country’s wealthiest graduates."
Penn State's Advantage
What advantages does Penn State offer its students that might contribute to their future success? Here are a few possibilities:
- Strong academic programs: Penn State offers a wide range of high-quality academic programs, particularly in areas like engineering, business, and science.
- Large alumni network: With one in every 117 American college graduates obtaining a degree from Penn State, the university boasts a vast and active alumni network that can provide valuable connections and support for graduates.
- Focus on leadership and involvement: Penn State encourages students to get involved in campus activities and develop their leadership skills, which can be valuable assets in any career path.
- Emphasis on a well-rounded education: Penn State promotes a well-rounded education that includes not only academic coursework but also opportunities for personal growth and development.
Read also: In-Depth Look at Wealthy College Students
Read also: Understanding Penn State Requirements
tags: #richest #Penn #State #alumni #Forbes
