Research by the Wales Institute for Social and Economic Research found that an assisted places scheme run by the Sutton Trust led to better qualifications and well-paid jobs.
Under the scheme, which ran from 1982 to 1997, young people from less-advantaged homes were supported to go to independent schools after means testing.
In the latest of a series of surveys, assisted place holders told academics that they felt their schools helped them develop strong personal attributes, such as self-discipline and self-reliance, as well as enduring social networks.
More than 40 per cent were found to be earning more than £90,000 a year and more than two-thirds said the economic crisis had not affected their standard of living.
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