The Times reports that it's not just Ivy-Plus schools who are "well-endowed"—it's exclusive prep schools such as Exeter and Andover. Exeter now has $1 million in endowment funding for every one of its students.

Exeter may be a particularly successful example, but its ballooning endowment also reflects a broader trend. In the 10 years through the 2005-6 academic year, the number of students at independent schools, which does not count parochial schools, rose just 11.6 percent, according to the National Association of Independent Schools. Over the same period, the average endowment per student, adjusted for inflation, increased by 93.5 percent.

Other schools mentioned included Harvard-Westlake in LA, Brearley in New York City, and Choate.

I've seen some of this at my own alma mater, Groton, for which I raise money. Groton, which is a small school of a little more than 300 students over five grades, has had to transform itself to keep up with larger competitors such as Exeter and St. Paul's. Where Groton once had its 8th and 9th grade boys sleep in cubicles with curtains for doors—sounds weird, but the kids loved it—the place now has dormitories, a gym, and a performing arts theater that are nicer than those, I'd bet, at most small colleges. It's a little ridiculous, but Groton feels it has to maintain this level of facilities in order to continue attracting the children of the wealthy who are the natural constituency of any prep school. (And no one's making a lot of money doing this; teachers at Groton get some nice benefits, but mostly they make their age.) It is a wonderful school and I was fortunate to go there, but it has become almost surreally luxurious.

(In one encouraging sign, Groton is now free for any student from a family whose income is less than $75,000.)

Why does all this matter? Because it shows again how the very rich in this country are pulling away from everyone else....