Money, money, money! 💸
When it comes to the richest universities in Canada, there are a couple that stand out the most and they've all got billions of dollars in their pockets.
According to financial documents, the top three richest universities in the country all have a sizeable financial endowment, which is the trust available through cash and assets.
According to TheBestSchools.org, a university's wealth usually comes from donations, which mean actual money or things like buildings, rare books or land that are worth a lot of money.
As the third richest university in Canada, McGill University's endowment fund sat at a whopping $1.52 billion in 2020. According to TheBestSchools.org, the school has recently received donations of $22 million and $25 million.
In 2021, McGill was named the best university in Canada to get a degree in performing arts and mechanical engineering. It also finds its way onto rankings of the best universities in the world quite often!
University of British Columbia
Coming in as the second richest university in Canada is the University of British Columbia (UBC).
The school has an endowment that's slightly higher than McGill's at approximately $2 billion. According to UBC, they have a research budget of $759 million that helped fund over 10,000 projects in the 2020/2021 school year, so clearly they have some cash to splash.
The university makes frequent appearances on rankings of top post-secondary schools and represents Canada as one of the best universities in the world.
University of Toronto
The University of Toronto's endowment is a massive $3.15 billion, which makes it the richest post-secondary school in the entire country.
In recent years there have been quite a few multi-million dollar donations to the school, including a $100 million contribution in 2019. Then in 2020, a $250 million gift was given to the university which was, according to U of T, the largest single gift in Canada's history.