This is what folks in the upper class like to believe so they can feel like there's more separating them from the middle class than just money. It's also a comfort to believe that even if you end up bankrupt, you're still "upper class". (And often, that people who are new money and richer than you are somehow not "upper class.")
Make a million dollars a year, and you can go to all the charity balls and opera galas you want. And your kids can go to whatever prep school you want to send them to. That tells me it's about your wallet, not where your parents went to school.