News / Education
Billionaire donates $120m to Rhodes scholarship
20 Sep 2013 at 18:55hrs | Views
FOR more than 100 years, the Rhodes scholarship to Oxford University, the international study programme created by 19th century British colonial adventurer Cecil Rhodes, has been one of the most prestigious academic awards in the world.
The alumni list is impressive, including Tony Abbott, the newly elected Australian prime minister, Bill Clinton, the former American president and for Zimbabwe deputy prime minister, Arthur Mutambara, as well as senior judges, university and business leaders and three Nobel prize-winners.
Since 1902 it has funded fees and living expenses for students from the British empire (later the Commonwealth), America and Germany.
Now, thanks to a $120-million donation from a Canadian businessman, the Rhodes scholarship could soon expand to students from China, Russia, Brazil and elsewhere.
The donation, to be announced on Thursday at Oxford, is from John McCall MacBain, a Rhodes scholar from Niagara Falls, Ontario, and former owner of Trader Classified Media, which included Auto Trader among its many titles.
The gift was the largest in the history of the Rhodes Trust, a charity that manages the scholarship, and part of it will go toward expanding the award.
"We are looking at potentially, in the future, in the next five to 10 years, expansion into China, expansion into Brazil and expansion into some of the other countries," said McCall MacBain, who is also one of the charity's trustees. "China, Brazil and Russia would be three key countries we'd like to expand it into."
"With this endowment, it is hoped that the Rhodes Trust will be able to do just that in the decade to come. With the world facing ever-increasing challenges, the need to help develop leadership skills is more important than ever,"
The Rhodes Scholarship was established in 1902 by Rhodes, who made his fortune in the diamond business in South Africa. Rhodes founded diamond giant De Beers, served briefly in South African politics, and administered nearby Rhodesia (named after him) which is now called Zimbabwe.
A strong advocate of the British Empire, he created the Oxford scholarship to help students from Britain and its colonies who demonstrated accomplishments in academics, athletics and leadership.
The United States and Germany were included because Rhodes believed they were the keys to lasting world peace.
Rhodes left about £3.3 million, worth about £290 million today or $480-million. For more than a century, money from the initial endowment and its investments were enough to finance the scholarship, which now consists of 83 students annually from 14 countries. It funds all expenses for two years of study at Oxford, plus a stipend.
McCall MacBain said that because of the soaring cost of education and dwindling investment returns, the trust began seeking donations in 2010 to bolster the endowment. It has launched a campaign to raise $181-million. Part of that will go toward increasing the number of scholarships
"Cecil Rhodes, if you look back, he created this great scholarship and it's still alive and well today accepting the best scholars," he said.
"The only thing it is limited on, it is limited in territory and I think that's one of the things we'd want to look to expand if we can afford to do that."
McCall MacBain spent two years at Oxford in the early 1980s as a Rhodes scholar, studying law and playing on the university's hockey team. "Oxford is a place, especially studying law, where you learn how to think. It is a very principled education. The Rhodes scholarship also got me to meet other future potential leaders from other countries."
He went on to become the King of Classifieds, snapping up buy-and-sell magazines around the world and accumulating a personal net worth of more than $1-billion.
He sold the business in 2006 and put nearly all of his assets into a private foundation that he manages with his wife, Marcy. Through the foundation, the couple have awarded grants to universities, hospitals and environmental causes globally.
The gift to Oxford won praise from British Prime Minister David Cameron, a graduate of the university, who called it "great news for the U.K. and our world-class higher-education system that such a prestigious program looks set to be secured for the long term."
The alumni list is impressive, including Tony Abbott, the newly elected Australian prime minister, Bill Clinton, the former American president and for Zimbabwe deputy prime minister, Arthur Mutambara, as well as senior judges, university and business leaders and three Nobel prize-winners.
Since 1902 it has funded fees and living expenses for students from the British empire (later the Commonwealth), America and Germany.
Now, thanks to a $120-million donation from a Canadian businessman, the Rhodes scholarship could soon expand to students from China, Russia, Brazil and elsewhere.
The donation, to be announced on Thursday at Oxford, is from John McCall MacBain, a Rhodes scholar from Niagara Falls, Ontario, and former owner of Trader Classified Media, which included Auto Trader among its many titles.
The gift was the largest in the history of the Rhodes Trust, a charity that manages the scholarship, and part of it will go toward expanding the award.
"We are looking at potentially, in the future, in the next five to 10 years, expansion into China, expansion into Brazil and expansion into some of the other countries," said McCall MacBain, who is also one of the charity's trustees. "China, Brazil and Russia would be three key countries we'd like to expand it into."
"With this endowment, it is hoped that the Rhodes Trust will be able to do just that in the decade to come. With the world facing ever-increasing challenges, the need to help develop leadership skills is more important than ever,"
The Rhodes Scholarship was established in 1902 by Rhodes, who made his fortune in the diamond business in South Africa. Rhodes founded diamond giant De Beers, served briefly in South African politics, and administered nearby Rhodesia (named after him) which is now called Zimbabwe.
The United States and Germany were included because Rhodes believed they were the keys to lasting world peace.
Rhodes left about £3.3 million, worth about £290 million today or $480-million. For more than a century, money from the initial endowment and its investments were enough to finance the scholarship, which now consists of 83 students annually from 14 countries. It funds all expenses for two years of study at Oxford, plus a stipend.
McCall MacBain said that because of the soaring cost of education and dwindling investment returns, the trust began seeking donations in 2010 to bolster the endowment. It has launched a campaign to raise $181-million. Part of that will go toward increasing the number of scholarships
"Cecil Rhodes, if you look back, he created this great scholarship and it's still alive and well today accepting the best scholars," he said.
"The only thing it is limited on, it is limited in territory and I think that's one of the things we'd want to look to expand if we can afford to do that."
McCall MacBain spent two years at Oxford in the early 1980s as a Rhodes scholar, studying law and playing on the university's hockey team. "Oxford is a place, especially studying law, where you learn how to think. It is a very principled education. The Rhodes scholarship also got me to meet other future potential leaders from other countries."
He went on to become the King of Classifieds, snapping up buy-and-sell magazines around the world and accumulating a personal net worth of more than $1-billion.
He sold the business in 2006 and put nearly all of his assets into a private foundation that he manages with his wife, Marcy. Through the foundation, the couple have awarded grants to universities, hospitals and environmental causes globally.
The gift to Oxford won praise from British Prime Minister David Cameron, a graduate of the university, who called it "great news for the U.K. and our world-class higher-education system that such a prestigious program looks set to be secured for the long term."
Source - Agencies
