I think your conclusion is right for most people, but you're a bit too cynical. The system isn't rigged purposefully. It is just that the people who decide who gets the elite jobs all act a certain way and had similar backgrounds. Naturally they like people like themselves and so the jobs go to those people. Even then, there are lots of qualified people from those backgrounds who don't get those jobs. Everyone is competing for a purely positional advantage (i.e. in order to move up, someone else must move down) and the 1% is already large enough to replenish its own ranks.