The 20 richest boarding schools in America

Elite boarding schools are not only highly selective, they're also well funded - some boast endowments even larger than those of prominent colleges.

Business Insider recently published a list of the most elite boarding schools in America. The ranking was based on three metrics weighted equally: endowment, acceptance rate, and average SAT score, primarily using data from BoardingSchoolReview.com, a website that collects information on boarding schools directly from the institutions. Here, we've re-ranked the schools based solely on endowment to determine which are the country's richest.

These funds, raised from generous donors and alumni, support schools' day-to-day operations and help provide financial aid to students. At Phillips Exeter Academy - the No. 1 school on our list with an endowment of $1.15 billion - nearly half of the student body benefits from financial aid.

Behind Exeter, Phillips Academy Andover took the No. 2 spot on the list with an endowment of $1 billion.

Read on to see the rest of the 20 richest boarding schools in America.

Additional reporting by Andy Kiersz.