Having a flourishing middle-class would lessen the power of the elites, and also reduce their effective wealth.
The elites want servants and concubines, not competitors.
You nailed it. Knowing as many of the rich and powerful as I do in Honduras, this has been a hard pill for me to swallow. But, truth will out. The elite is very fortunate — because by nature the Honduran people are fairly passive and unassuming.