It's the feeling of superiority and invincibility (to a large extent) that causes bad decisions to be made. Also the knowledge that "risks can be externalized" and passed-off onto others.

[Exampe: The 2008 financial crisis. Anyone with half a brain (or decent knowledge of finance) could have seen that CDS (credit default swaps), MBS (morgage backed securities) and CDO (collateralized debt obligations) were on a trajectory that would create a bubble that would eventually pop. BUT, these insane risks were taken for 2 main reasons (a) The "uber bosses" thought they could palm the risks on others and not have to pay any consequences for their gambling, and (b) overconfidence in their financial and economic models due to THIS hubris and sense of superiority based on their position in the social ladder and financial system]

It is an ALL of us problem foisted by the MINORITY (the power elite, etc.) on the majority. The power elite will (just as in the example of the 2008 financial crises) pay few costs for their mistakes - the rest of us will land up bearing the costs of THEIR actions.

The reason the "less wealthy" and "less powerful" people considen "them" superior is the same reason that many others consider them superior - because they have been brainwashed, propagandized, and gaslighted. It is because they have bought into the "illusion" that they are "less" at risk than all the others. As long as these people are still under these "illusions" (of being in smaller risk profiles), they will continue to follow and obey the commands of the power elite.