Key Takeaways
- • Harvard University holds the largest endowment among U.S. News-ranked schools at $50.7 billion as of fiscal year-end September 30, 2023, according to data from the National Center for Education Statistics' Integrated Postsecondary Education Data System (IPEDS).
- • Yale University ranks second with an endowment of $40.7 billion.
- • The average endowment among the top 20 colleges is nearly $18.6 billion, and 17 of the 20 are private institutions; Texas A&M University, the University of Michigan-Ann Arbor, and the University of Virginia are the public exceptions.
- • Across the 1,402 U.S. News-ranked colleges in the latest IPEDS data set, the average endowment is about $560.9 million, while the bottom 20 average roughly $184,352.
- • Fifteen of the top 20 endowment holders rank in the top 20 of U.S. News National Universities, and all 20 are National Universities.
Summary
Harvard University in Massachusetts leads U.S. News-ranked schools by endowment size, with $50.7 billion at the end of fiscal year 2023, based on data from the National Center for Education Statistics' Integrated Postsecondary Education Data System. Yale University in Connecticut follows with $40.7 billion. U.S. News notes that both Ivy League institutions hold endowments larger than the gross domestic product of several countries, including Nicaragua, Iceland and Senegal, per World Bank data.
The average endowment across the top 20 schools is nearly $18.6 billion. Of these, only Texas A&M University, the University of Michigan-Ann Arbor and the University of Virginia are public. Endowments are defined by U.S. News as collections of tax-exempt donations and investments used to advance an institution's mission.
Multibillion-dollar endowments remain rare in higher education. The average endowment among the 1,402 U.S. News-ranked colleges in the most recent IPEDS data set is about $560.9 million. The 20 schools with the smallest endowments average roughly $184,352, with the lowest at $4,663 at the University of Puerto Rico-Cayey. Nearly half of the bottom 20 are located in Puerto Rico and California.
Most top-endowment schools are also highly ranked: 15 are in the top 20 of U.S. News National Universities, which are typically research-oriented institutions offering bachelor's, master's and doctoral degrees. Costs at these institutions can be high; Johns Hopkins University, for example, charges $65,230 in tuition and fees for 2024-2025. Wealthier schools often offer financial aid that reduces net cost, and Johns Hopkins meets the full demonstrated need, without loans, of all admitted undergraduates who qualify for aid.
The average endowment across the top 20 schools is nearly $18.6 billion. Of these, only Texas A&M University, the University of Michigan-Ann Arbor and the University of Virginia are public. Endowments are defined by U.S. News as collections of tax-exempt donations and investments used to advance an institution's mission.
Multibillion-dollar endowments remain rare in higher education. The average endowment among the 1,402 U.S. News-ranked colleges in the most recent IPEDS data set is about $560.9 million. The 20 schools with the smallest endowments average roughly $184,352, with the lowest at $4,663 at the University of Puerto Rico-Cayey. Nearly half of the bottom 20 are located in Puerto Rico and California.
Most top-endowment schools are also highly ranked: 15 are in the top 20 of U.S. News National Universities, which are typically research-oriented institutions offering bachelor's, master's and doctoral degrees. Costs at these institutions can be high; Johns Hopkins University, for example, charges $65,230 in tuition and fees for 2024-2025. Wealthier schools often offer financial aid that reduces net cost, and Johns Hopkins meets the full demonstrated need, without loans, of all admitted undergraduates who qualify for aid.
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