In the southwestern corner of Texas, ranchers can earn more money by selling water to city dwellers than by raising cattle, said Char Miller, a professor of environmental analysis at Pomona College in Claremont, Calif.

WSJ: Where's the Beef? Less of It in Texas

Chavez's victory gives him "the opportunity to consolidate his policies" and also reaffirms the approach his government has taken to international relations, said Miguel Tinker Salas, a Latin American history professor at Pomona College in California.

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In fact for certain prominent liberal arts colleges on the list like Vassar College, Pomona College and Amherst College, private gifts from grateful graduates account for nearly all of their income outside of tuition, fees and investment returns.

FORBES: Measuring A College's Worth: The Grateful Grads Index