I don't think that is quite what Pareto had in mind.

To me, it is the way that the investment banks/hedge funds were the elites 20 years ago and now the elites are from silicon valley. Along with that came a huge shift in cultural values in society.

It is hard to talk about Pareto though because he has an entire sociology in a 4 volume, 90 year old translation that you have to buy for $200-$300 on ebay and then each page is so dense. I think I have read 40 pages of Trattato di Sociologia Generale and it is a daunting task to think about reading the whole thing.