There has been psychological research linking extreme wealth with narcissism.
As I understand it, the mechanism relates to
cognitive dissonance. It starts with finding one's self abundantly in possession of a resource that billions of people around the world are all desperately battling to attain. Then there is the need to isolate one's self from hordes of people who are eager to suck up, have predatory motivations or attack in jealousy. Then there is the lack of grounding combined with easy access to rarified lifestyles. All of this is going to reduce empathy for fellow human beings (or animals) to near zero.
Australia's richest person, Gina Rinehart, is worth about US$20b and involved in mining. She has commented in the past along the lines that she would be happy to see average Australians make less than $1 per day as happens in parts of Africa. The classic villain - but what to expect given her background? Oh, and she has considerable media ownership and engagement in the political process. By 'coincidence' we have a coal industry lobbyist as prime minister.
As an aside, this syndrome is a little bit like what happens when certain people have exceptional physical attractiveness. Because of its rarity and desirability, it leads to all sorts of issues like lack of empathy, jealousy and so on. Somehow the light of beauty casts an incredibly dark shadow.
Personally, my views are quite mixed. I have much appreciation for fine engineering or craftsmanship. Even the most expensive automobile is worth only an infinitesimal proportion of the net worth of some of these people so is hardly worth focusing on.
However, when average people have their anger channeled into supporting right-wing media and far-right political parties directly serving the billionaire class (eg. cutting taxes, supporting fossil fuel industries, slashing social services for the needy and labelling their opponents 'socialist'), they can very much consider themselves enablers of the tragic socioeconomic situation faced by our world.