Region 2012 position School North America 1 Harvard 2 Stanford 3 Kellogg Latin America 1 Tecnologico de Monterrey 2 Pontificia Universidad Católica de Chile 3 Business School Sao Paulo Europe 1 INSEAD 2 London Business School 3 IMD Middle East and Africa 1 University of Cape Town 2 American University in Cairo 3 University of Witwatersrand Asia-Pacific 1 INSEAD 2 IIM Ahmedabad 3 NUS Business SchoolThe report points to a leading cluster of 39 'elite global' business schools spread across North America (22), Europe (14) and Asia-Pacific (3). While the US total of 15 'elite global' schools is unsurpassed, only Harvard boasts a comparable employer reputation to London Business School and INSEAD. Graduates from top European schools are shown to earn higher average salaries* than their North American counterparts. Graduate salaries at Europe's 'elite global' schools averaged US$109,300, compared to US$101,100 in North America. However, while Europe's schools performed well for employability and graduate salaries, when it comes to specializations the US schools dominate. Harvard places number one in four of the 10 subjects covered, ahead of MIT-Sloan (2), INSEAD (1), Kellogg, Northwestern (1), Stanford (1) and Wharton (1). Nunzio Quacquarelli, managing director of QS says, "This year's report finds record numbers of companies turning towards hiring MBAs, underlining the value of the qualification in today's globalized economy."