In this article we examine if the term “old school ties” is applicable in analyzing of Serbian business elite networking. The starting assumption is that business success depends on the level of sociocultural homogeneity of a group of successful individuals. Data from an empirical research conducted in 2012 on a sample of economic elite, showed that such assumption was grounded, but that the group homogeneity could originate from different sources. The first source is primary socio-cultural milieu which includes peer similarities, growing up in similar family environments and attending the same schools. This milieu is the closest to the term “old school ties” in its usual meaning. Beside these, there are various kinds of secondary milieus, some of the most important ones being the class habitat. This research shows that class affiliation and profession, in particular, have the biggest impact on forming of networks that contribute to business success. The results also show that there are significant differences between members of business elite and lower social layers in relation to this issue. The lower a social layer is on the social ladder, the more important home origin becomes. Today, nationality and religious affiliation are not that important for creation of business networks.