Would things actually go better if the privileged classes were removed?

Imagine a society where the privileged classes were magically removed all at once. No more rich people, no more CEOs, no more politicians, no more celebrities, etc. <br><br>Assuming this removal happened instantaneously and inexplicably without any collateral then, in your opinion, would society now be better off? Would things improve, go downhill, or simply stay the same?