Economist Paul Krugman recently wrote that the multibillion-dollar salaries of top hedge fund managers proved that education plays little role in the growing wealth gap. The rich get rich, he said, because of the “runaway financial system” and investors making money from money.
“Modern inequality isn’t about graduates,” Krugman wrote. “It’s about oligarchs.”
But a new study offers a different view. Jonathan Wai, a research scientist at Duke University and part of the school’s Talent Identification Program, looked at the world’s billionaires and global elite. He found that billionaires are, as a group, very highly educated and have high cognitive abilities. About a third of the world’s billionaires attended elite schools worldwide.
Even among billionaires, the billionaires with higher wealth were more likely to have gone to a top college.