Self-made millionaires more likely state school alumnus

Last Updated: Oct 12, 2011, 12:35 PM IST

London: Self-made millionaires are more likely to have gone to state school than private school and Oxford or Cambridge, new research has found.

According to research by Skandia, a branch of insurer Old Mutual.Almost 72 per cent of millionaires attended state schools while the balance went to private schools, reports the Telegraph.

Of the millionaires who attended university, 11 per cent went to the University of London while 8 per cent went to Oxford and 5.5 per cent went to Cambridge.

The findings are revealed in a study of 549 people with “net investable assets” of 1 million pounds or over, Skandia said.

Of the sample, almost 60 per cent of the millionaires were male and more than half were under the age of 50.

ANI