The problem is that it's really not fair (nor ethical, I would argue) to equate "wealthy" with "white." Conflating any characteristic with race/gender/etc., regardless of how accurate it might be, is stereotyping.

I fundamentally have a problem with telling a poor white kid that a (potentially wealthy) asian / hispanic / etc. is more deserving of the spot simply because of the race of which she/he was born (assuming all else equal, like GPA, scores, etc.)