According to this year's Wealth-X and UBS Billionaire Census, 12 billionaires obtained their bachelor's degrees from the University of Mumbai, making it one of the top 10 schools in terms of number of billionaire undergraduate alumni.
"With 12 billionaire alumni, India's University of Mumbai has the most billionaire graduates of any university based outside the US," the report said.
The University of Mumbai was ranked 9th on the list which was topped by the University of Pennsylvania as the school had 25 billionaire undergraduate alumni.
University of Mumbai has more number of billionaire alumni than MIT, NYU, University of Columbia and Duke University.
Harvard University was ranked second on the list with 22 billionaire undergraduate alumni, followed by Yale University (20) in the third position.
The University of Southern California with 16 billionaire undergraduate alumni and Princeton University with 14 make the top five.
Sixteen out of the top 20 billionaire schools are in the United States.
Besides, India's University of Mumbai, the London School of Economics and Political Science in the United Kingdom, Lomonosov Moscow State University and ETH Zurich in Switzerland are other schools outside the US that made it to the top 20 billionaire schools list.
Cornell University was ranked 6th on the list with 14 billionaire undergraduate alumni, Stanfort University (7th, 14 billionaries), University of California Berkeley (8th, 12) and London School of Economics and Political Science (10th, 11).
Interestingly, higher education has not been a prerequisite to achieving billionaire status as 35 per cent of the 2,325 billionaires in the world have not obtained a tertiary-level degree.
Notable university dropouts include Microsoft co-founder Bill Gates and Facebook co-founder Mark Zuckerberg. Both walked out of Harvard during their undergraduate years to start their businesses.
Among those billionaires who hold a tertiary-level degree, 42 per cent graduated with a bachelor's degree, 26 per cent have a master's degree, 21 per cent finished their MBA, and 11 per cent attained a PhD, the report added.
Top 20 universities that produce the world billionaires
1. University Of Pennsylvania (US): 25 billionaire alumni
2. Harvard University(US): 22
3. Yale University (US): 20
4. University Of Southern California (US): 16
5. Princeton University (US): 14
6. Cornell University (US): 14
7. Stanford University (US): 14
8 University Of California, Berkeley (US): 12
9 University Of Mumbai (India) 12
10. London School Of Economics and Political Science (UK): 11
11. Lomonosov Moscow State University (Russia) 11
12. University Of Texas (US): 10
13. Dartmouth College (US): 10
14. University Of Michigan (US): 10
15. New York University (US): 9
16. Duke University (US): 9
17. Columbia University (US): 8
18. Brown University (US): 8
19. Massachusetts Institute Of Technology (US): 7
20. Eth Zurich (Switzerland): 6
(Wealth-X And Ubs Billionaire Census 2014)