Elections is only one characteristic of a democracy. Other characteristics include freedom of the press, freedom of speech, minority rights, rule of law, accountability and transparency, and separation of powers.
"privileged class" immediately plays on people's emotions, along the lines of "the people have spoken", meaning if you didn't vote the same way, you're not "the people". I lived through all this in the brexit vote, and your language is all very similar sounding.
Over the years, democracies around the world have evolved these kind of checks and balances. They are part of the system, not imposed on it by some "privileged class" for their own nefarious reasons.