<p>“Although the U-M endowment is ranked the eighth largest among all U.S. universities, it ranked 94th on a per-student basis in 2013.”</p>
<p>When they say that Michigan’s endowment is the 8th largest among all US universities, they are including the University of Texas system (which includes 15 institutions that enroll over 215,000 students) and the Texas A&M system (which includes 11 institutions that enroll over 130,000 students). If you compare single-campus institutions, Michigan’s endowment is the 6th largest.</p>
<p>Also, it should be noted that the vast majority of those 93 institutions with a higher endowment on a per student basis are private (so they do not receive funding from the state) and have fewer than 4,000 undergraduate students (LACs). Among research universities, Michigan is among the top 25 on a per student basis, among the top 10 if you factor in state funding. Among public universities, Michigan is #2 on a per student basis (UVa is #1).</p>