Lets assume person is a milionaire.
Having to pay 8% of your networth (including retirement and the value of your home [is that correct?]) so that one of your kids can go to uni (what if you have 2?) is silly.
[1] https://www.bu.edu/finaid/aid-basics/cost-of-attendance/net-...
With 2 kids = 640k cash.
And that is only tuition!
And what is the definition of net worth? If you own an ordinary single family home in an ordinary city, it may be worth $1 million which makes you a millionaire.
Will you sell your home to pay tuition for 2 kids?
But my main point was, if the millionaires can't reasonably afford it, something is wrong.
Also, people keep on tossing "millionaire" around as if that term has meaning anymore. Nowadays it means you're a homeowner with some retirement saved up. And while some mere millionaires are desperate for their kids to reach some sort of faux prestige by sending them to a second tier private school, most aren't going to do that. Again, that's the point of BU's tuition being so high in the first place. They don't want the mere upper middle class unless they are exceptional students. They want the rich kids for that sweet endowment money.