Peking University has been labeled the "Cradle of Chinese Tycoons" in a report released by China's University Alumni Association (CUAA), after 27 of its alumni made it onto China's rich lists between 2003 and last year.

More than 300 alumni of 131 universities have featured on rich lists in the past five years, including two foreign ones - Forbes China and the China Rich List compiled by Rupert Hoogewerf - and two domestic ones: Nanfang Weekend and New Fortune 500.

The Rupert Hoogewerf Report lists rich people by industry.

Zhejiang and Tsinghua universities filled the No 2 and No 3 spots, with 17 and 16 former students, respectively, making the rich lists.

Shanghai's Fudan University and Beijing's Renmin University of China completed the Top 5.

Not surprisingly, most of the tycoons hail from the most prosperous areas of China, such as Beijing, Shanghai and Zhejiang, perhaps suggesting that coming from a fast-growing city or province is a key factor in future business success.

Science and engineering majors showed up most often on the lists, but a number of arts graduates also fared well.

Robin Li, the founder and CEO of Baidu.com - the top Chinese-language search engine - stood out among Peking University graduates by ranking first on the Rupert Hoogewerf IT Rich List of 2007, with a fortune of 18 billion yuan (US$2.5 billion).

After receiving a bachelor's degree in information management from Peking University in 1991, Li went to the United States to study computer science. He set up Baidu at the end of the dot-com boom in 1999 in Silicon Valley and brought it home in 2000.

But Li is not the only person to have made it big online.

Shi Yuzhu, once of Zhejiang University, went on to become chairman of the Giant Interactive Group - one of the country's leading online gaming companies - while Zhang Chaoyang, an alumnus of Tsinghua University, is now chairman and CEO of Sohu, the country's largest web portal.

Feng Yongjun, who helped compile the survey, said wealthy alumni "establish a good social reputation and serve as the best advertisements for their alma maters, making them more alluring to high school graduates".

Also, prestigious schools provide aspiring entrepreneurs with not only a good education, but also good social connections. Many aspiring business people choose universities with well-known alumni to expand their social networks, Cai Yanhou, who led the survey, said.

Briton Rupert Hoogewerf released the first China Rich List in 1999. Along with the annual Forbes China Rich List, it is of great interest to China's wealthiest citizens.

"China has a population of more than 1.3 billion. Appearing on the Rich List is considered a huge success, like winning an Olympic medal," Hoogewerf said.

This is the first time the CUAA has conducted a survey of the educational backgrounds of China's richest people.

"With the rapid development of the economy, China is in great need of top quality people in many fields, especially entrepreneurs with management skills," Cai said.

Zheng Yefu, a professor at Peking University, said "a university should nurture elite individuals in many fields".