"Prior to controlling for wealth, however, the results indicate that schools with legacy preference policies indeed have much higher alumni giving. These combined results suggest that higher alumni giving at top institutions that employ legacy preferences is not a result of the preference policy exerting influence on alumni giving behavior, but rather that the policy allows elite schools to over-select from their own wealthy alumni. In other words, the preference policy effectively allows elite schools essentially to discriminate based on socioeconomic status by accepting their own wealthy alumni families rather than basing admissions on merit alone."
So it's likely that if fewer people from wealthy families become alumni then alumni giving will go down.
