Isn't there always a ruling class? Besides early tribalism or absolute anarchy, I can't think of a single example of relative equality. Populism is a noble goal, and should be striven for, I don't believe its actually attainable.
The perfection of a utopia is the fever-dream of a silly three-year old or SJW (three-year old 'adult'). Whether or not populism is fully attainable or not, the closer a government can get to it, the better off both government and its people will be, but most governments put minimal effort into this. Capitalism is not inimical to populism, but predatory capitalism is destructive to both populism and democracy, as it fosters unrest in the populace, and nurtures the poison seed of communism/socialism....the '99 percent movement occupy wall street' was but an omen of coming events.
FYI, Tucker is a self-proclaimed "Elitists" - not a "populist". He believes that there is a ruling class, but just presently believes that no one in current ruling society is worthy or capable. This is pretty well articulated criticism coming from someone who lives by the elitist culture.