May 06, 2016 07:01 AM EDT By Darren Domirez, UniversityHerald Reporter

Harvard, the oldest educational institute in America counts more than 45 Nobel laureates, over 30 heads of state and 48 Pulitzer prizewinners in its alumni. It also receives one, if not the largest financial endowments of any higher education institution in the world amounting to $1.5 billion for 2013. By par, the world's number has produced top quality graduates and offers top of the line education to aspiring students.

According to Times Higher Education (THE) reputation rankings,the top ten most prestigious universities are mostly US-based, although both Oxford University and Cambridge University in the UK made the cut, albeit falling from two and three to four and five rankings, respectively.

Meanwhile, according to the THE listing, Asia claimed 18 places in the top 100 universities. Asian universities pushed a high jump upping from last year's 10. University of Tokyo placed 12th over-all for Japan and first in the region.

The performance of Asian Universities showed profound higher education fundings from many government sponsors in the region, Joshua Mok Ka-Ho, chair professor of comparative policy at Lingnan University in Hong Kong said.

In contrast, some European nations have lost ground. UK remains the second nation with the most representations in the list, with 10 universities, even though Durham University and University of Bristol have fallen out of the top 100. Seven of the 10 have slid to lower spots.

The THE World Reputation Rankings 2016 results are based on an assessment of more than 10,000 prized scholars coming around the world. The process allows each academic to name up to 15 universities that they deem to be the best in research and teaching in academic discipline. The votes for research ability were given twice the weight of those for teaching for each institution.

Here is the list of those who made the top 10 cut:

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