for a quick question a quick answer.
it depends onhow you define elite. it is more the case that elite--if that means rich--take the trajectory to business and control over corporations etc. than to the intellectual and scientific paths of universities. the people who wind up teaching are often
2nd or 3rd generation families, some from immigration or from poorer origins, for whom making maximum money matters less than advancing in culture or knowledge or science. the status of the university is a stand-in for intellectual
capital, and that comes not from origins or community but from ability and hard work.
unfortunately, ability and hard work won't suffice if there are obstacles like racism or bigotry; but the story is not simply one side or another. you can come from very wealthy stock and never understand calculus, and poor students who shine get lots of scholarships
to help them advance.
"advance" means to succeed in school and want to move up in the arts or sciences. those are the elites you are talking about.
ken