Worldwide donors raise $500m for Melbourne Uni

Having raised $500 million in Australia's largest philanthropic campaign, Melbourne University is setting its sights on reaching $1 billion by 2021.

File photo of Melbourne University Source: AAP

More than 20,000 people from around the world have opened their wallets and donated $500 million to the University of Melbourne.

Since first asking the public to help fund its research and projects in 2013 the university has been overwhelmed by donations, and has now smashed through its $500 million target two years ahead of schedule.

Almost $100 million has been raised just from bequests.

Vice-chancellor Glyn Davis says the campaign, which now aims to raise $1 billion by 2021, will be Australia's biggest philanthropic endeavour.

Nearly half of the donations so far have been dedicated to university research while $150 million will go to students via scholarships and bursaries.

Cultural facilities and projects, such as the Ian Potter Museum, have shared $120 million.

"Our intent with the campaign has always been to change the lives of future generations," Prof Davis said on Friday.

"Thanks to our incredible alumni and donors, the impact has been nothing short of transformative."

Australia is the greatest source of donations but money has also come from the US, Singapore, Malaysia and the UK.