I have no issue with elites; all the power to them! I have issues with hereditary elites - we used to call them aristocracies and such.
In a society that doesn’t let them protect and control the wealth that is the source of their power but goes after others they will eventually sort themselves out.
Aristocrats weren’t aristocrats just because they had money, indeed many didn’t, but because they could PROTECT what they had and act to keep others, even if they had money, out.