If the material prosperity of a healthy preponderance is sufficient for democratic legitimacy, we might need to think carefully about certain elements of the theory of democracy. In the context of industrial prosperity, there are an awful lot of ways to ensure the material prosperity of a healthy preponderance, and it can easily be accomplished while any number of bad people are getting away with any number of bad things.
Admittedly, though, the historical practice has been to concentrate political influence among a much smaller circle, and then ensure that they are even more prosperous. So the question becomes whether widening (and heavily mediating) this circle of influence, with the consequent broadening of the distribution of resources, is better, worse, or perhaps just not good enough.