In the 1800's and very early 1900's the word, " elite" meant cream of the crop, pure, above reproach. Was not associated with wealth. Then, that word was reserved for only persons or things that were stellar in behavior, lifestyle or performance. Classy.
In the middle 1900's the upper class, and ultra wealthy hijacked it made it, turning the definition to an adjective describing very "rich" persons.
In the early 2000's to be called "elite" began to describe ridiculously wealthy, bottom feeding, reprehensible people of no moral nor ethical qualities. I am saddened by the loss of first description and disgusted by and with the select few, 1%ers, and how they have trashed the entire concept of the word.