It approximately is, imho. Wealth follows a power law distribution. People put the dividing line at different points, but it doesn't matter so much. The elite are a tiny fraction. The middle class are also a relatively small faction of the population and for the most part, the middle class tend to be lumped in with the elite, because they tend to be in complementary political factions.

Now I know that in the US, people group everyone with a job in the middle class, but that's just semantics.