It's an echo chamber effect, the same problem that cuts into their compassion. Money insulates. Too much money starts doing real damage.

The more money people have, the more ability they have to self-select places and people they like. Most people around them tell them they're awesome, even if they're not, aside from the tendency of rich people to snipe at each other. They have less and less contact with people who will risk offending them by being honest when they're doing something stupid. They can control the environment to a point that they stop needing to pay attention to it routinely.

Which means they're blindsided by things they can't control. :/