hoi polloi, noun : the general populace : ordinary people : people who are not rich, famous, etc.—NOT the wealthy; the elite
A synonym of "the masses," hoi polloi is not the word to use when you want to refer to the elite. EXCEPT: so many people use the word in exactly that way that the word is now defined in Merriam-Webster Unabridged (at sense 2) as "people of distinction or wealth or elevated social status." The Unabridged entry, though, includes a long usage note that explains that this use is rare in published, edited text, and is regarded by many as an error. You'll be safe from criticism if you use hoi polloi to refer to "the masses" instead, as in "the wealthy elite who think of themselves as too good for the hoi polloi."
Another note about hoi polloi: because the word is a transliteration of the Greek for "the many," some assert that using the phrase "the hoi polloi" is akin to saying "the the many." Hoi, though, doesn't have any meaning in English, so there's nothing wrong with saying "the hoi polloi." It's in fact how most writers use the term.