Comment by rayiner

Every society has elites. If you invoke the government to keep people from being financial elites, then those government positions will become highly coveted and those will be the elites. And in countries where there aren’t many financial elites because the whole country is poor (like India until recently) those government jobs are highly coveted and insanely difficult to break onto.

So it matters a lot where a society’s elites come from. In most societies, entering the elite requires family pedigree, credentials, and connections. If your society is such that simply becoming upper middle class gives your kids a sufficient platform to become a billionaire, that has a huge effect on who makes up the elites. Having elites whose parents were refugees or restaurant owners is hugely different from most countries.