Cambridge may be richer than Monaco, but it still doesn't pay the living wage.
The extent of the University’s wealth was revealed today, as total assets of around £4 billion were announced – way ahead of any other educational institution in Britain.
The figures were released on the same day as Unions within Cambridge claimed that at least 1000 employees of the university are paid below the ‘living wage’.
Cambridge is not only the richest university in Britain, ahead of the Other Place and Edinburgh, but is also worth more per capita than Monaco, the world’s richest country.
With around 30,000 staff and students the University’s wealth equates to about £130,000 per person, £22,000 more than the principality.
Yet, according NUS and Unison’s joint figures, some staff are earning less that £12,334 a year – the minimum wage for a 40-hour week.
This is in contrast to the princely sums earned by the vice-chancellor, on almost £250,000 a year, around 20 times as much as the lowest earners.
The Other Place meanwhile came in second of the British Universities, a cool £700 million pounds behind.
The relative riches of Oxbridge compared to other Higher Education facilities was emphasized by the fact that third placed Edinburgh were valued at just £200 million, a measly 5% of Cantab wealth.
Pride at yet again being number one was tinted with a hint of shame when The Tab spoke to students. Nick Marshall, second year at Trinity said “I knew Cambridge was minted, but this is ridiculous. They’re laughing all the way to the bank with a stonking paycheck.”
It is not just the colleges and the university as a whole who are doing well though – CUBC have a considerable wealth of about £1.6 million, while the rugby club are sitting pretty with about £800,000, and even Real Tennis have around £100,000 in the bank, leading to calls from some students to spread the wealth.
David Wilson, second year at Clare said “Some of that wealth should be shared around more societies. Clare Growing Society could always do with a bit more cash for our crops.”
The University’s financial position is thought to be largely dependent on huge donations from alumni, with the latest drive totaling £1.17 billion.