Stay in School or Get Rich
Econ prof Tyler Cowen passes on word that, “The average net worth in 2006 of Forbes 400 members without a college degree was $5.96 billion; those with a degree averaged $3.14 billion. Four of the five richest Americans — Bill Gates, casino owner Sheldon Adelson, Oracle’s Larry Ellison, and Microsoft cofounder Paul Allen…– are college dropouts.
Presumably, extraordinarily smart people with enormous self-discipline and entrepreneurial drive benefit less from higher education than others. Or, maybe, this is just a skewed sample demonstrating that the mean isn’t a very useful measure of central tendency.