Appealing to wealthy former students, the Massachusetts university received contributions from 172,000 donors in a five-year campaign, which will raise the university's endowment fund to $14.4bn.

Harvard's fundraising campaign - worth £1.4bn - compares to the £200m raised by the University of Oxford since 1988.

The university says that 'gifts' from alumni represent over a quarter of its annual operating costs, providing funds for investment in research, supporting scholarships to students in need of financial support and developing the use of information technology.

Oxford University has taken a decade to raise £200m

Other universities in the United States have set fundraising targets in excess of a billion dollars, including Columbia University in New York which is seeking $2.2bn.

However in terms of funds raised per student, Harvard's efforts have been overtaken by the California Institute of Technology - which brought in $49,300 per student, compared to Harvard's $24,800.

Such a massive additional income is the envy of even the most prestigious universities in Britain. The University of Oxford's development office, founded in 1988, has raised £200m from benefactors, including corporate as well as individual donations. These have helped to fund building projects and provide support for scholarships.

Polyester ties

For the 'new' universities the prospect of investment on the scale enjoyed by Harvard seems even more remote. A spokesman for the University of Bournemouth, Charles Elder, said that "his jaw would drop wide open" if funding of that kind became available.

Universities in Britain had so far failed to develop the relationship with former students that proved such a lucrative source of income in the United States, said Mr Elder.

But as it became more important for universities to raise non-governmental funds, Mr Elder forecast that more attention would be paid to building links with its former students.

While Harvard's super-rich alumni are encouraged to contribute large amounts of dollars, the approach in Britain is more cautious.