(NEW YORK) -- The old adage, "It's not what you know, but who you know," may ring true when it comes to the universities with the largest number of wealthy alumni.
Research firm Wealth-X compiled a list of the global universities with the largest number of living alumni worth $30 million or more, or ultra high net worth individuals, as they are called.
Based on Wealth-X's research, Harvard University blows the competition out of the water with 2,964 alumni worth a collective $622 billion. That's nearly twice the alumni of University of Pennsylvania, which follows with its 1,502 alumni of ultra high net worth individuals.
"Relationships and networks are so important in terms of career path success and prosperity," said David Friedman, president of Wealth-X.
Only three public universities made the top 15 list, composed of all U.S. schools, which Friedman said has implications for educational opportunities for low-income and middle class families.
"It shows public universities have a great opportunity to build on their strategy," Friedman said about alumnae efforts.
Interestingly enough, the majority of wealthy alumni of both public and private universities were "self made."
"That speaks to the entrepreneurial spirit of individuals attending these schools who are leveraging the robust alumni networks to pull themselves into these networks," he said.
Friedman said this is the first time a group has published a report of such granular data.
Only three universities outside the U.S. -- Oxford, University of Mumbai and University of Cambridge -- made it to the top 20 list.
Copyright 2013 by ABC News Radio