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@try2bhelpful: Frankly they are by your defintion and by the colloquial term also. Politicians and billionaires are select groups where the prerequisites of getting into those groups are of superiority. They are superior to you or I in many aspects, money and influence being the most pertinent.
They have superior wealth to you or I. They have superior abilities to change laws. They have superior connections to the financial titans, they have superior cars, they have superior property portfolios, they send their children to the most superior schools, they have superior everything because that's what all the money and influence in the world affords.
I don't want to continue having a semantic argument with you over this. Let's just agree to disagree, despite your definition being the same one I'm using and the accepted colloquial meaning behind 'elite' also being what I'm against.
https://en.wikipedia.org/wiki/Elite
"In political and sociological theory, the elite (French élite, from Latin eligere, to select or to sort out) are a small group of powerful people who hold a disproportionate amount of wealth, privilege, political power, or skill in a society. "