Plenty of discussion on how wait lists are handled on the infamous Wait List thread:
http://talk.collegeconfidential.com/prep-school-admissions/1300302-the-wait-list-p1.html
This thread will tell you that wait lists are often deeper than the number of acceptances sent out and they are not ranked. It’s a VERY long thread so you may want to use the search function within the thread to look for comments on ranking, but @cinnamon1212 answered your question.