University of Alberta grads contribute $250 billion to the global economy every year — roughly the equivalent of the GDP of New Zealand.
That’s one of the findings of a 2024 survey by Ernst & Young that demonstrates the impact of U of A grads in economic, cultural and social spheres around the world.
According to the survey, U of A alumni have founded more than 75,000 companies and employ 922,000 people worldwide. Together, they have invested $8.7 billion in 59,000 startups and $12.1 billion in 122,000 established businesses varying from health care to arts and entertainment.
There are currently more than 300,000 U of A grads around the world.
“Alumni represent the best of the U of A across every corner of the globe. Now we can quantify just how large a footprint they make in economic, intellectual and cultural arenas here in Alberta and around the world,” says Bill Flanagan, president of the University of Alberta.
Engineering grad Nizar Somji is a compelling example of that footprint. He leads the Jaffer Group of Companies as founder and CEO. Under Somji’s leadership, the Edmonton-based group has invested more than $130 million in Alberta’s economy, he says, through ventures in construction, staffing, information technology, realty, hospitality, petroleum and property management.
Over the course of his career, Somji has founded multiple successful businesses, including Matrikon Inc., a leader in industrial automation, which he grew from a one-person venture to a global company operating in five continents.
Somji, who is set to be installed as University of Alberta’s newest chancellor on June 21, is one of the 71 per cent of grads who work for Alberta-based organizations. Of the 922,000 people employed worldwide by alumni-founded companies, 560,000 of them are in Alberta — more than 22 per cent of the province’s total workforce. Grads employ 220,000 folks elsewhere in Canada and 141,000 across the rest of the globe.
The alumni impact survey shows that every year U of A alumni-founded companies contribute $136.4 billion to the Alberta economy — equal to 41 per cent of Alberta’s GDP. That’s the equivalent of Alberta’s top three industries: oil and gas, real estate and manufacturing, which combined make up 41.3 per cent of the province’s total GDP.
Alumni-founded companies contribute $64.6 billion to the rest of Canada and $48.8 billion to the rest of the world.
The alumni impact survey findings follow the U of A economic impact report released in April 2023, which demonstrated that the University of Alberta itself generates $19.4 billion a year for the province’s economy, contributing more than five per cent of Alberta’s GDP.
Combined with the impact of alumni-founded companies, the total economic impact of the institution and its grads to the provincial economy is $155.8 billion every year.
“The findings of the alumni impact survey demonstrate how U of A grads are change-makers,” says Ashton Rudanec, president of the U of A Alumni Association and director of sustainable investing at the Alberta Investment Management Corporation. “It’s one of the many reasons I’m so proud to be part of this community. I truly believe that, when we work together, we have the capacity to shape the world.”
U of A grads also make a difference beyond the economy.
The alumni impact survey found that 86 per cent of U of A grads had volunteered in the previous 12 months and had given a collective $979 million in charitable donations during the year. And 65 per cent of grads are committed to careers that make substantial contributions to the social and economic welfare of the wider public.
“We have always known that U of A grads enrich the communities where they work and live. Now we have the numbers to demonstrate that U of A alumni are a vital economic driver in Canada and Alberta — especially in Alberta’s priority growth sectors,” says Flanagan. “As we grow our student body to 60,000 students by 2030, the future impact of U of A alumni will only multiply. ”
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