In theory, for the system to be controlled by the elite - I guess we first have to define the elite. Let's say that's the top 0.001% - or the richest ~70k people on the planet.
1) That's still A LOT of people.
2) There's no way they're all going to collude together.
3) They don't (yet) have >50% of the world's wealth.
What am I missing?