Agreed. I see I forgot to put quotes around "more virtuous," but I was trying to talk from the conservative, right wing perspective in which the establishment elite, the rich, are meant to have a great deal more merit, be a great deal more "virtuous" than less economically powerful people.
That normative or ethical proposition is of course a primary conclusion of false and purposefully misleading anti-democracy bad economics in the conservative style, although I suppose one might get there as well via dodgy (in my view) but at least explicit and sincere ethical argumentation as well.