I recommend watching the excellent BBC documentary World At War (1973) -- You can watch it on Daily Motion (c.f. https://www.dailymotion.com/video/x3p7c46). They had western reporters interview Nazi officials asking them to explain all the anti-jewish policies, and the answer is basically "We're punching up." They argued that jews were overrepresented and had too much power in German society; "we are merely righting the balance".
In fact, if you talk to any racist, they will give you plenty of reasons explaining why the group of people they hate deserve to be hated and that he is merely "righting the balance". Everyone believes they are acting in the name of ultimate justice and that the hated group is deserving of the abuse.
So I would recommend some self-reflection before making excuses for hate. None of these excuses are valid, they have all been tried before, and all these ideas such as "punching up" have been discredited since the 40s. Those sympathetic to Hitlerian race theory should not be sources of moral or ethical guidance.
But if you think a numerical majority is the sole basis for "punching up", then the Peninsulares must have been punching up against native born citizens in Gran Colombia. Or the Jacobins must have been punching up against the peasant-farmers in France. Or the urban Chinese Communists must have been punching up against farmers in the provinces. So of course, these criteria are picked when convenient and discarded otherwise.
That said, I never said I subscribe to the theory, I’m simply explaining it. Perhaps you should save your half-arguments for someone who’s espousing it.
It's the concept of punching up vs. punching down. Except in some cases like, Saddam Hussein's minority Sunni dictatorship over mostly-Shia Iraq, historically majority populations do better than minority ones. So they have less to lose when offended.