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Want to be a millionaire? Here’s what you should study

More than 12 per cent of high net worth individuals have MBAs, according to study

PUBLISHED : Tuesday, 20 September, 2016, 12:41pm
UPDATED : Tuesday, 20 September, 2016, 1:25pm

The world’s millionaires, or high net worth individuals (HNWIs), most commonly hold masters degrees, according to a new study by British magazine Spear’s and UK consultancy firm WealthInsight.

Those holding Masters of Business Administration (MBA) degrees were represented by just over 12 per cent of those surveyed. Engineering degrees came in second at 10.7 per cent. Economics, business studies and law also made the top five.

Vocational subjects dominated the top of the ranking, with degrees in more traditional schoolroom subjects such as chemistry, history and biology each being held by less than one per cent of those considered.

Oliver Williams, head of WealthInsight, said in the research’s press release that, “Numerical degrees are a particular advantage when it comes to amassing a personal fortune.”

Williams added that “with the exception of the MBA and Business Studies, few of these degrees materialise as outright vocational pursuits. Most engineering graduates, for example, are not engineers but entrepreneurs.”

WealthInsight maintains a database of over 100,000 HNWIs globally, used as a tool for research and analysis.

A HNWI is defined as an individual with net assets in excess of US$1 million, excluding primary residences.

The ranking’s top ten is as follows:

1. MBA - 12.1 per cent
2. Engineering - 10.7 per cent
3. Economics - 8.2 per cent
4. Business studies/BBA - 5.9 per cent
5. Law - 4.7 per cent
6. Accountancy - 2.9 per cent
7. Finance - 2.1 per cent
8. Management - 2.0 per cent
9. Commerce - 1.9 per cent
10. Computer science - 1.9 per cent

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