At What Point Can We Say That One Is Educated?

Ok, i have a cousin who is 27, the father is a big time millionaire, now, this my cousin has 4 other siblings who are all graduates, but he is an SSCE holder. Given that he was not too 'bright' academically, the father had him join the family business when he was 20, this guy speaks and writes English almost as good as the best, speaks fluent French, and has traveled to at least 10 countries outside Africa, and doing extremely well for himself, at 27.

I remember about 5 years ago when i was discussing this my cousin with a friend, and my friend told me that the best thing my cousin will do is to get an education first. And this got me thinking, at what level can we say that one is educated? what exactly is education? does it mean that without 'conventional education' that one will most likely be doomed? is it right to say that all university graduates are educated? is it also right to say that anybody without tertiary institution qualification is not educated?