Given that in most European countries (I think, it'd definitely the case in Germany) tuition isn't a thing either, one can reasonably conclude that admission to an elite university is linked to academic prowess, at least to a higher degree than American universities.
I went to an elite university (can't deny that I'm a bit proud of that), and except maybe for the possible of highly limited stipendia, neither I nor my parents would have had any money to make that happen otherwise.