For years Harvard University has had the largest endowment in higher education. It was almost $37 billion in 2008 but has now dropped to $26 billion. Despite the drop of $11 billion, it still is the largest endowment of any university.
Some of these numbers have been raised in the media in the past few months. But the Harvard Crimson has an excellent article detailing some of the factors that contributed to the amount of the endowment loss including investments in high risk investments. The report also discusses some of the impact on the Cambridge campus as a result of these losses.
Even the wealthy sometimes struggle.
Thanks to the staff at the Crimson for bringing the article to my attention.