While true, the majority of them (in terms of humans, not dollars) are merely capitalists of the "temporarily embarrassed" variety.
The thing about the 1% is that they're a really small part of the population. Less than 5% of all people are in the top 1% richest people. Extremely rich people may be overrepresented in EA, but I doubt they are overrepresented enough to beat all the prole EAs in a fistfight should they all suddenly become militant communists or something.
Oh, so that's where the punching someone when you see a yellow car/VW beetle thing comes from. Interesting to note that of all the customs to observe in a social encounter (such as "don't suddenly punch people for stupid reasons") Duncan chooses the convention mostly followed by tween boys for the purpose of annoying each other.
Anyway, I guess the book fails to defend the undefendable, then? Seems pretty obvious, to be honest.