It's an interesting point that a lot of people don't really realize about supply and demand - it's a way of making sure that in real times of scarcity, the rich get theirs.

When the source and nature of the scarcity or threat is known, it's possible to collectively devise rationing schemes that divide available goods based on need, provided that collective will is available.  But in these situations, the wealthy still can buy their way around the limits through the black market.  

I agree that he's on to something, but along with the marginal insurance value of being in the very uppermost percentile of wealth, I'd also argue that another key driver of elite behavior is the desire to desire to dominate and control others, and avoid being dominated by anyone else.

And, perhaps, a key feature of a well-functioning government is its ability to stop these two elite drives from destroying society.