List of colleges and universities in the United States by endowment

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Harvard University, with a $49.444 billion endowment as of FY2022, is the wealthiest university in the world.

Many colleges and universities in the United States maintain a financial endowment consisting of assets that are invested in financial securities, real estate, and other instruments. The investment yields a return that funds a portion of an institution's operational expenses while the principal exists in perpetuity. U.S. colleges and universities maintain some of the largest endowments in the world and make up the vast majority of higher education institutions with endowments greater than $1 billion.

The National Association of College and University Business Officers (NACUBO) maintains information on endowments at U.S. higher education institutions by fiscal year (FY).[1] As of FY2022, the total endowment market value of U.S. institutions stood at $807.332 billion, with an average across all institutions of $1.185 billion and a median of $208.735 million.[2][3]

Enhancements and levies[edit]

The tabulated data below are from NACUBO. Some universities benefit from endowments that are not under their direct control but which are nonetheless dedicated to the welfare of one or several institutions. Examples of these foundations include The Duke Endowment, the Robert A. Welch Foundation, and the Roy J. Carver Charitable Trust.

In 2017, a federal endowment tax was enacted in the Tax Cuts and Jobs Act of 2017 in the form of an excise tax of 1.4% on institutions that have at least 500 tuition-paying students and net assets of at least $500,000 per student. The $500,000 is not adjusted for inflation, so the threshold is effectively lowered over time.[4][5]

The endowment tax provision of the Tax Cuts and Jobs Act has been criticized as funding tax breaks for corporations and the wealthy at the expense of education. Critics note that the tax could threaten financial aid for low-income students, stifle social mobility, and obstruct life-saving research.[6][7][8] Lobbyists representing wealthy private universities continue to advocate for its repeal.[9][10] The Don't Tax Higher Education Act, which would repeal the endowment tax, was introduced in the 115th United States Congress,[11] 116th United States Congress,[12] and 117th United States Congress[13] but died in the Ways and Means Committee each time.

Endowments greater than $1 billion[edit]

Private schools[edit]

Yale University has the second-largest endowment of all private colleges and universities in the United States.
Institution State Endowment[3]
(billions USD - FY2022)
Harvard University Massachusetts $49.444
Yale University Connecticut $41.383
Stanford University California $36.300
Princeton University New Jersey $35.794
Massachusetts Institute of Technology Massachusetts $24.740
University of Pennsylvania Pennsylvania $20.724
University of Notre Dame Indiana $16.729
Northwestern University Illinois $14.121
Columbia University New York $13.280
Washington University in St. Louis Missouri $12.252
Duke University North Carolina $12.116
Vanderbilt University Tennessee $10.206
Emory University Georgia $9.998
Cornell University New York $9.838
Johns Hopkins University Maryland $8.244
Dartmouth College New Hampshire $8.066
Rice University Texas $7.814
University of Southern California California $7.319
Brown University Rhode Island $6.141
New York University New York $5.149
Carnegie Mellon University Pennsylvania $3.857
California Institute of Technology California $3.635
Williams College Massachusetts $3.534
Boston College Massachusetts $3.337
Amherst College Massachusetts $3.322
Georgetown University District of Columbia $3.210
University of Richmond Virginia $3.153
Boston University Massachusetts $2.981
Wellesley College Massachusetts $2.847
Pomona College California $2.750
University of Rochester New York $2.739
Swarthmore College Pennsylvania $2.725
Rockefeller University New York $2.608
Grinnell College Iowa $2.484
Bowdoin College Maine $2.475
Smith College Massachusetts $2.468
Texas Christian University Texas $2.401
Tufts University Massachusetts $2.351
George Washington University District of Columbia $2.340
Case Western Reserve University Ohio $2.188
Tulane University Louisiana $2.052
Washington and Lee University Virginia $1.998
Baylor University Texas $1.971
Southern Methodist University Texas $1.958
Wake Forest University North Carolina $1.820
Syracuse University New York $1.794
University of Delaware[a] Delaware $1.781
Trinity University Texas $1.705
Lehigh University Pennsylvania $1.680
Medical College of Wisconsin Wisconsin $1.512
Baylor College of Medicine Texas $1.494
Wesleyan University Connecticut $1.485
Santa Clara University California $1.472
Middlebury College Vermont $1.467
Berea College Kentucky $1.438
Princeton Theological Seminary New Jersey $1.404
University of Miami Florida $1.344
Saint Louis University Missouri $1.344
Northeastern University Massachusetts $1.334
Davidson College North Carolina $1.316
Hamilton College New York $1.276
University of Tulsa Oklahoma $1.269
Rochester Institute of Technology New York $1.249
Berry College Georgia $1.236
Loma Linda University California $1.222
Pepperdine University California $1.205
Brandeis University Massachusetts $1.205
Oberlin College Ohio $1.202
Colgate University New York $1.197
Vassar College New York $1.196
Bryn Mawr College Pennsylvania $1.145
Claremont McKenna College California $1.143
Colby College Maine $1.122
Villanova University Pennsylvania $1.113
Carleton College Minnesota $1.094
Bucknell University Pennsylvania $1.070
Denison University Ohio $1.069
Mount Holyoke College Massachusetts $1.003
Lafayette College Pennsylvania $1.001

Public schools[edit]

The University of Texas System has the largest system-wide endowment of any American public higher education institution.

For public universities, the larger endowments are often associated with flagship state universities, especially those associated with a medical school. Notably, 17 states do not have institutions included in this list: Alaska, Connecticut, Hawaii, Idaho, Maine, Mississippi, Montana, Nevada, New Hampshire, New Mexico, North Dakota, Rhode Island, South Carolina, South Dakota, Vermont, West Virginia, and Wyoming. The New England states, however, are known for their wealthy private institutions.

Institution State Endowment[3]
(billions USD - FY2022)
University of Texas System Texas $42.668
Texas A&M University System[b] Texas $18.243
University of Michigan Michigan $17.347
University of California System[c] California $15.418
University of Virginia Virginia $9.858
Ohio State University Ohio $6.961
University of Pittsburgh Pennsylvania $5.529
University of Minnesota[d] Minnesota $5.366
University of North Carolina at Chapel Hill[d] North Carolina $5.318
University of Washington Washington $4.678
Pennsylvania State University Pennsylvania $4.608
Michigan State University Michigan $3.880
Purdue University System Indiana $3.676
University of California, Los Angeles California $3.561
Indiana University System Indiana $3.515
University of Wisconsin-Madison Wisconsin $3.497
University of Illinois System[d] Illinois $3.115
University of Iowa[d] Iowa $3.054
Georgia Institute of Technology[b] Georgia $2.928
University of California, Berkeley California $2.648
University of California, San Francisco California $2.620
Virginia Commonwealth University[e] Virginia $2.409
University of Kansas Kansas $2.279
University of Florida Florida $2.276
University of Missouri System Missouri $2.145
University of Nebraska System Nebraska $2.059
North Carolina State University[b] North Carolina $2.018
University of Colorado System Colorado $1.975
University of Maryland System Maryland $1.965
University of Alabama System Alabama $1.877
Rutgers University System New Jersey $1.863
Texas Tech University System Texas $1.712
University of Georgia[b] Georgia $1.685
Virginia Tech Virginia $1.685
University of Kentucky Kentucky $1.685
Oklahoma State University Oklahoma $1.544
Iowa State University Iowa $1.525
University of Tennessee System Tennessee $1.501
University of Arkansas at Fayetteville[d] Arkansas $1.466
University of Oregon Oregon $1.406
Arizona State University[d] Arizona $1.387
University of Utah Utah $1.321
College of William & Mary[d] Virginia $1.302
University of Arizona[d] Arizona $1.204
Washington State University Washington $1.201
Oregon Health & Science University Oregon $1.200
University of California, San Diego California $1.183
University of Massachusetts System Massachusetts $1.122
University of Houston System Texas $1.004
Louisiana State University System Louisiana $1.001

Endowments per student greater than $1 million[edit]

Rockefeller University has the largest endowment per student in the United States.

These institutions are exclusively private.

Institution Enrollment[14]
(FTE - Fall 2021)
Endowment per student[14]
(USD - FY2022)
Rockefeller University 73 $35,728,990
Princeton Theological Seminary 326 $4,310,071
Princeton University 8,799 $4,067,983
Yale University 14,429 $2,868,064
Stanford University 16,963 $2,139,952
Massachusetts Institute of Technology 11,836 $2,090,222
Harvard University 24,555 $2,013,622
Amherst College 1,971 $1,685,364
Swarthmore College 1,651 $1,650,659
Williams College 2,198 $1,607,993
Pomona College 1,759 $1,563,312
Columbia Theological Seminary 168 $1,561,400
California Institute of Technology 2,397 $1,516,479
Grinnell College 1,728 $1,437,742
University of Notre Dame 12,946 $1,292,237
Bowdoin College 1,949 $1,269,647
Austin Presbyterian Theological Seminary 114 $1,247,470
Principia College 687 $1,244,955
Wellesley College 2,379 $1,196,665
Dartmouth College 6,761 $1,192,981

See also[edit]


  1. ^ NACUBO classifies the University of Delaware as a private institution. It is chartered as a state-assisted, privately governed university.[15]
  2. ^ a b c d Endowment value includes related foundation(s).
  3. ^ System-wide endowment pool managed by the Regents of the University of California.
  4. ^ a b c d e f g h Endowment value includes foundation(s).
  5. ^ Endowment value includes affiliated entities.


  1. ^ "Historic Endowment Study Data". National Association of College and University Business Officers (NACUBO). February 17, 2023. Retrieved July 5, 2023.
  2. ^ "Number of U.S. Institutional Respondents to the 2022 NTSE, and Respondents' Total Endowment Market Values, by Endowment Size and Institution Type" (PDF). National Association of College and University Business Officers (NACUBO). April 21, 2023. Retrieved July 5, 2023.
  3. ^ a b c "U.S. and Canadian Institutions Listed by Fiscal Year (FY) 2022 Endowment Market Value and Change in Endowment Market Value from FY21 to FY22" (PDF). National Association of College and University Business Officers (NACUBO). April 21, 2023. Retrieved July 5, 2023.
  4. ^ "Wealthy colleges face uncertainty as they seek ways to avoid new endowment tax". Inside Higher Ed. Retrieved 2019-01-10.
  5. ^ "The wealthiest universities are paying big endowment tax bills, but how much are others who are on the hook paying?". Inside Higher Ed. Retrieved 2020-02-21.
  6. ^ "End the Endowment Tax". The Harvard Crimson. 20 February 2018. Retrieved 29 March 2020.
  7. ^ Wilson, John. "Why the Endowment Tax Is Unconstitutional". Inside Higher Ed. Retrieved 29 March 2020.
  8. ^ Powell, Alvin (21 December 2017). "Tax on university endowments passes". The Harvard Gazette. Harvard University. Retrieved 29 March 2020.
  9. ^ Kreighbaum, Andrew (23 April 2018). "Endowment Tax Fight Not Over Yet". Inside Higher Ed. Retrieved 29 March 2020.
  10. ^ Fang, Lee (July 25, 2022). "Ivy League Universities Push for Special Tax Cut". The Intercept. Retrieved July 5, 2023.
  11. ^ "H.R.5220 - Don't Tax Higher Education Act". United States Congress. Retrieved 21 June 2020.
  12. ^ "H.R.4438 - Don't Tax Higher Education Act". United States Congress. Retrieved 21 June 2020.
  13. ^ "H.R.4438 - Don't Tax Higher Education Act". United States Congress. Retrieved 5 July 2023.
  14. ^ a b "U.S. and Canadian 2022 NTSE Participating Institutions Listed by Fiscal Year 2022 Endowment Market Value, Change in Market Value from FY21 to FY22, and FY22 Endowment Market Values Per Full-time Equivalent Student" (XLS). National Association of College and University Business Officers (NACUBO). April 21, 2023. Retrieved July 5, 2023.
  15. ^ Alamdari, Natalia (March 3, 2020). "Is UD public or private? 'We're special,' lawyer says, and have to agree to charter changes". The News Journal. Gannett. Retrieved July 5, 2023.