Harvard University announced that its endowment gained 15.4 percent from its investments in the last year, making the Ivy League institution wealthier than more than half of the world’s countries, Campus Reform reports.

The endowment in 2018 was $38.3 billion. This amount exceeds the wealth of more than half of the 195 countries around the world. To get the number, the endowment numbers were compared with the “total wealth” of each of the world’s countries, according to Credit Suisse’s 2018 Global Wealth Report.

University endowments operate fairly similar to tax-exempt hedge funds. Private institutions often use nonprofit status to avoid tax, but a provision of the 2017 Tax Cuts and Jobs Act impose a small tax on schools with funds that are more than $500,000 per student. Harvard has 36,012 students, with an endowment per student average of more than $1 million, Guardian Liberty Voice reports.

Karen Adler, the director of media relations for the UT system states: “Philanthropic gifts make up another significant portion of the endowment. Donors specify how the money is to be spent (scholarships, professorships, research, etc.), and the university is responsible for honoring donor intent. In general, most gifts are restricted.”

Other schools at the top ten U.S. colleges with funds larger than the total wealth of dozens of countries are University of Texas, Yale University, Stanford University, Princeton University, Massachusetts Institute of Technology, University of Pennsylvania, Texas A&M University System, University of Michigan, and Northwestern University.