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Harvard May No Longer Be the Wealthiest University

August 24, 2022

Harvard University may lose the title of the nation’s wealthiest university, Bloomberg reported.

The potential new wealthiest university is the University of Texas, which may overtake Harvard's $53.2 billion endowment, as of June 21. The value of the Texas endowment at that time was $42.9 billion.

The source of the new wealth: crude oil and natural gas. Bloomberg reports that with rising prices, Texas earns $6 million a day on 2.1 million acres it owns in the Permian Basin.

At a time when other colleges are shedding fossil fuel investments, Texas is having a windfall. “The University of Texas has a cash windfall when everyone is looking at a potential cash crunch,” said William Goetzmann, a professor of finance and management studies at Yale University. “Adjusting your portfolio for social concerns is not costless.”

The article said that it is “likely” that Harvard’s endowment will lose money this year.

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Scott Jaschik

Scott Jaschik, Editor, is one of the three founders of Inside Higher Ed. With Doug Lederman, he leads the editorial operations of Inside Higher Ed, overseeing news content, opinion pieces, career advice, blogs and other features. Scott is a leading voice on higher education issues, quoted regularly in publications nationwide, and publishing articles on colleges in publications such as The New York Times, The Boston Globe, The Washington Post, Salon, and elsewhere. He has been a judge or screener for the National Magazine Awards, the Online Journalism Awards, the Folio Editorial Excellence Awards, and the Education Writers Association Awards. Scott served as a mentor in the community college fellowship program of the Hechinger Institute on Education and the Media, of Teachers College, Columbia University. He is a member of the board of the Education Writers Association. From 1999-2003, Scott was editor of The Chronicle of Higher Education. Scott grew up in Rochester, N.Y., and graduated from Cornell University in 1985. He lives in Washington.

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