I would like to show a tidbit. In 1935 Hungarian aristocrat Count Zsigmond Széchenyi travels to Alaska to hunt, travels throught the whole continental USA and writes a book about it. (Title: Alaszkában vadásztam - I hunted in Alaska.) While he is generally respectful with everyday Americans, he has some sarcastic remarks about the economic elites, capitalists, entrepreneurs, like "some crazy drunk Californian soap king conducting the jazz orchestra with a champagne bowl on his head" or "traditional Indian totem poles end up in the garden of some newly rich candy manufacturer who has no taste and respect" and similar remarks.

What I gleaned from it that European elites like Széchenyi kind of assumed that it is more or less former aristocrats who turn into capitalists, in the sense that rich guys must have that kind of "gentlemanly" behavior, taste, style that characterized aristocrats. While in the US the working man can be become rich and thus there are rich people with not-classy, working-class styles and attitudes and this kind of bothered them. So in a way they were bothered by social mobility and the acceptance of lower-class attitudes amongst elites (and lack of a broad general education would be part of it), that is my impression. Surely that is only a part of the picture, but from this book this sounds like a common view of European elites, because Széchenyi did not write like "I think this but everybody else totally disagrees".

That is just one source really so don't take it too far, I just wanted to show how one European writer saw it in 1935.