As a beginner in worldbuilding, how could I go about creating a kingdom where much like many real-life things, magic has become a symbol of the rich, despite it being widely used by everyone in the past?

Spell components would have heavily inflated prices and wizard colleges would be nepotism central (either students come from rich families, are rich themselves, or have by some miracle acquired a scholarship). Most students of the college wouldn’t even be that good at magic but are still studying there because their parents paid for the library extension or whatever.

I am asking because I don’t fully know how NPCs from here would react to the party, and I also want to add some kind of corruption but don’t know how to implement that.

Some advice regarding what kind of history this kingdom should have would also be nice.

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