It's not 38% of the entire population/generation, it's 38% of a tiny group who have gotten into an elite, highly selective school, and have the massive resources (not just education) to do so. But as someone else said, these are probably people who are much more likely to get placed into positions of power and authority.
No. It might be much much worse than 38% outside of these elite schools, but a little bit different. This is in fact one of the reasons public education falls off the cliff. I've seen a teacher leaving elementary after she found out that 19 kids out of 24 in her class had some kind of learning disability needing special treatment, special help, assignments specially designed for them etc. In her own words all of them were completely normal kids except maybe 1 or 2.