I think they equate their vast wealth as superior intelligence.
Sadly, they're easily manipulated and morons.
Sounds a lot like my current boss. Both his parents worked 6 days a week so he could afford college to get a lavishly-paying medical job, and then switched to owning his own office when he had a midlife crisis about 25 years early. And because of his current position he had more connections than a server farm and was flush with cash, so with a talent for numbers he hit it big.
Now Whinypants McSpoiled thinks he knows everything about everything and makes his employees listen to an hour’s speech every week where he insults people who own guns and stockpile food and insists you too can get rich at a job where you aren’t even guaranteed to be paid (100% commission pay) and the client company (Centurylink) has a spectacularly bad reputation due to their idea of customer service.