We develop a global measure of college quality based on the earnings of each college's graduates around the world. We use a new database that details earnings and alma maters for a large number of natives and migrants, who are key to our identification strategy. We find that: i) college quality is an important determinant of earnings, as graduates of top colleges earn 57 percent more than graduates of typical colleges, ii) college quality is strongly correlated with development, as graduates from the richest countries earn 65 percent more than graduates of the poorest countries in the same labor market, and iii) college quality predicts innovation and entrepreneurship across countries and colleges. Last, we estimate average human capital for migrants by origin-destination pair. We show that developing countries lose more to brain drain and a small set of OECD countries gain more from global talent flows than traditional measures based on numbers of skilled migrants alone would suggest.