- Canadian businessman and former Rhodes scholar John McCall MacBain donated $120 million to the prestigious Oxford University scholarship.
- The donation is expected to fund an expansion to students in countries like China, Russia and Brazil.
- The gift is the largest in the history of Rhodes Trust, which funds the two-year all-expenses-paid award.
British businessman Cecil Rhodes formed the Rhodes scholarship in 1902 to assist top students from Britain and its colonies, including the U.S. and Germany because they were believed to be instrumental in securing world peace. Former U.S. President Bill Clinton is among the most notable American Rhodes scholars.