For the median worker in a small town in Spain, an entire life savings of scrimping and saving could still be only a fraction of what it would take to build one lecture hall. Might not even pay for a single year of salaries, operations, and expenses.

Put a million Euros into an endowment, and at 5% annual returns, that's 50,000 Euros, enough to hire maybe one person to run and teach everything. Even if it was 10 million Euros, that's a lot less than you think if you want to start even a small school and not run out of money in a few years.