I've never been to Boston, but Wikipedia tells me they have several universities - Harvard and MIT, which I've heard of, and also Boston University, Boston College, University of Massachusetts Boston, Bentley University, Brandeis University, Tufts University, Northeastern University, Wentworth Institute of Technology and a load of others.
In a city with a population of 600k that's going to be a decent part of the local economy.
Yes, Boston is considered the educational capital of the planet.
Boston itself is about 700,000 people, but if you extend things to a 20 mile radius from Boston (say from DTX), in that area there is a transient student population of 400,000 people that are only there to attend higher education and ultimately call elsewhere home. Within 20 miles of Boston are several dozen (nearly 60?) universities, making education one of its six or seven tent-pole industries.
To be pedantic, MIT and most of Harvard is Cambridge--across the river from the city of Boston. But, yes, the Boston area has a very university-influenced vibe much of it urban with some exceptions like BC and Wellesley.
There are something like 30 universities in the Boston metro, including some extremely press and wealthy ones. Universities like Harvard and MIT have sprawling research industrial complex’s beyond teaching students. And many thousands of employees, many of whom are high paid professionals.
All that to say nothing of the students. The population of Boston itself is ~600k, while the metro region has ~4M people and roughly 300k students reside in the metro. These are obviously not all local students, but students from all over the world who have come to Boston for education.
I didn’t mean directly that the schools had money, but that neighborhoods and civic fabric was built around the universities. But many do have a lot of money. Students tend not to travel far, so you get lots of self-contained neighborhoods around school. Similar to SF where the hills limit how far you’d walk.
I was picturing an army of teachers, but I don't normally think of teachers as folks who earn enough to be compared to tech money :)