Compared to American frats they're quite different though. The societies and clubs like that (which are mainly an English thing) are more like an expanded skull & bones society, as far as I understand it. American frats, from what I know of them, are present at basically every college and much more accessible that the secret societies for the wealthiest kids in England - or whatever the variant is in other parts of western Europe.
I've never heard of Gamma Phi Delta in Berlin College (because I think colleges are very much an Anglo thing?) having some big hazing scandal or whatever.
If the argument is just "clubs for rich people exist" then yeah? But that's not really helpful for OOPs question.