But the commanding heights of the U.S. economy — Wall Street and, especially, Silicon Valley — are now much more progressive-leaning and Democrat-friendly than they used to be, and they are not at all bastions of conservative orthodoxy or Republican partisanship. That change has been driven in part by cultural polarization: While elite institutions, especially universities, have long been Democrat-aligned, the cultural orientation of the Republican Party has become increasingly rural, and not only rural but actively anti-urban, anti-cosmopolitan, and anti-elite, with Republicans declaring themselves the sworn enemies of everything from Hollywood to the Ivy League and, now, even professional sports. Conservatives will protest that the Left has been the cultural aggressor here, and that is true, but it doesn’t change the political outcome: If you want to study at Harvard, work in technology, live in Sausalito, and vacation in Aspen, you show up on the Republican radar as an Enemy of the People. Sure, maybe you wouldn’t complain if your taxes were a couple of points lower, but you don’t fit easily into the universe of Marjorie Taylor Greene and Sean Hannity.

If you want to understand which is the billionaires’ party, then consult the billionaires.

Consider the 20 or so wealthiest Americans…