Don't be so quick to comdemn the Cambridge colleges and their students.

From University of Cambridge: overview of the University :

"Each college is an independent institution with its own property and income. The colleges appoint their own staff and are responsible for selecting students, in accordance with University regulations. The teaching of students is shared between the Colleges and University departments. Degrees are awarded by the University."

Thus it doesn't matter if you attend a rich college or a not-so-rich one, as the degree is awarded by the University. MM (Emeritus) Lee's rare double honours are definitely rare and extremely prestigious, so are Kenneth Jeyaretnam's.

More info on which colleges are rich :
Cambridge College Pros and Cons - The Student Room