Simply put: If you have the juice to go to Princeton, you will always outcompete the people who lack the juice to go to Princeton. That does not mean you are smarter. That does not mean you work harder. That does not mean you are a better person. It means your daddy has more money than other daddies, his friends have more influence than other daddy's friends, and that his coattails are longer and more cushy than the coattails of other daddies. Forbes, for their part, calculate that 30% of the billionaires on their list inherited their money. External audits estimate that more than 60% of the 400 were born with $1m or more. Piketty, in Capital in the 21st Century, put the number even higher.To say that the type of people who would go to Princeton will do as well at any other university does not indicate that the student's choice matters (i.e. "where you go"), but that the college's decision on whether or not you're the type of individual who will succeed at their university is the real deciding factor.