I've read articles to this affect as well.

I have social clubs near me that start at 45,000 a year to join. (You're required to spend a lot of money). Men only up until somewhat recently.

Basically golf/tennis and dining for rich folks or people they are trying to impress. Got invited a lot when I would work directly with fortune 100 CEO's. Was both fun and educational.

Interesting to meet board members of companies I loved / hated.