college (Harvard University, founded in 1636), and its oldest women's college (Mount Holyoke College, founded in 1837). Massachusetts is also home to the highest ranked private high school in the United States, Phillips Academy in Andover, Massachusetts, which was founded in 1778. Massachusetts's per-student public expenditure for elementary and secondary schools was eighth in the nation in 2012, at $14,844. In 2013, Massachusetts scored highest of all the states in math and third-highest in reading on the National Assessment of Educational Progress. Massachusetts' public-school students place among the top tier in the world in academic performance. Massachusetts is home to 121 institutions of higher education. Harvard University and the Massachusetts Institute of Technology, both located in Cambridge, consistently rank among the world's best private universities and universities in general. In addition to Harvard and MIT, several other Massachusetts universities rank in the top 50 at the undergraduate level nationally in the widely cited rankings of U.S. News & World Report: Tufts University (#27), Boston College (#32), Brandeis University (#34), Boston University (#37) and Northeastern University (#40). Massachusetts is also home to three of the top five U.S. News & World Reports best Liberal Arts Colleges: Williams College (#1), Amherst College (#2), and Wellesley College (#4). Boston Architectural College is New England's largest private college of spatial design. The public University of Massachusetts (nicknamed UMass) features five campuses in the state, with its flagship campus in Amherst, which enrolls more than 25,000. Economy The United States Bureau of Economic Analysis estimates that the Massachusetts gross state product in 2020 was $584billion. The per capita personal income in 2012 was $53,221, making it the third-highest state in the nation. As of January 2023, Massachusetts state general minimum wage is $15.00 per hour while the minimum wage for tipped workers is $6.75 an hour, with a guarantee that employers will pay the difference should a tipped employee's hourly wage not meet or exceed the general minimum wage. This wage was set to increase to a general minimum of $15.00 per hour and a tipped worker minimum of $6.75 per hour in January 2023, as part of a series of minimum wage amendments passed in 2018 that saw the minimum wage increase slowly every January up to 2023. In 2015, twelve Fortune 500 companies were located in Massachusetts: Liberty Mutual, Massachusetts Mutual Life Insurance Company, TJX Companies, General Electric, Raytheon, American Tower, Global Partners,