Yes, but you can't get into the universities without a good education before that. I work with many people from India from all age ranges, from 22 to their 50s who are all MDs or PhDs, and they all tell me that before a child is even born they have to begin bribing school officials to get them into one of the better schools. This continues every time the child/student goes to a different school until the university level. Without going to a good primary and secondary school, there is no chance of getting into a good university. Even at the university level there is a lot of bribing that takes place.

When you have a society where bribing is the norm (nothing is possible without a bribe basically, and even then its not guaranteed), the people with wealth are obviously going to be the ones to benefit most and stay on top. No matter how intelligent, if you don't have the money for the bribes, you can't get anywhere.