@neela1, I suspect my younger kids and your kids go to the same type of tristate private school.
Yes, this year, the VERY rich - we are talking boldface, private island rich, got their kids into HYPS. Don’t know what the grades were, ECs.
My feeling is as yours, if you are at the pinnacle of wealth, then there isn’t the drive for perfection in grades. But it’s still a “status” symbol (I think), to go to HYPS, so maybe the families make some huge donation - a sort of perfectionism of life. I am not describing it well. As in, if you have outsize resources, there is the drive to have the best, if not to push yourselves to have the best grades (unnecessary).
“Lower” down - the working rich, or the people who need to stay at their lucrative jobs to pay the eye-watering tuition have to be careful these days to not exert pressure on their kids. Mental health issues, etc. We are all hyper aware. But kids, IMO, are smart, and can quickly calculate what it takes to keep the lifestyle that they have and the jobs their parents have. So the kids feel pressure, and it’s infectious.
There will always be a small coterie of “naturally” intelligent kids who live for the world of the mind and just get those perfect-ish grades anyway. I suspect they don’t feel as much pressure, and it sounds like (if I have read correctly) that your school has that coterie. So does ours.
There are the kids on FA, and they run the gamut. Some feel pressure, others are in that top group so if nothing goes wrong, they will get fantastic results.
As far as managing college application lists, the school doesn’t appear to exert that much pressure to keep numbers down. They will “let” kids apply where they will, so yeah, well over half the class will apply to at least one Ivy or one top SLAC.