In fact, we may be experiencing this trend right now. Economic growth is not needed anymore by the elites to increase their wellbeing, where it used to be neccesary.
The elites used to need an army of servants to clean their clothes, cooke their food, keep their houses, drive them around, manage their wealth and most of all, work on their factories... This is all being automated, and the new luxury is not based on people laboring for the elite, but on technology and resources available to the elite. The fact that labor was needed, and the unionization of workers, forced some redistribution of wealth during the past century. But it may be that in the history of humanity the past century is an exception and the "natural" state of society is to have a higher concentration of wealth than what we had in the sixties.
This would allow the elites to escape the general economy. They will build their luxury cars on automated factories, clean their houses with robots, be driven by robots (when they feel like not driving), manage their wealth with software and highly automated consultancy, shop on the internet... so what it matters that the economy is contracting as long as the luxury part of the economy grows? they don't need the goods made by the general economy as much as they used to. They will only need the highly skilled workers that produce new technologies, lay out new automated factories, build new medical procedures, manage their wealth, entertain them and teach their children.
They can be wealthy without having to spend a dime on other people, just on technology. This leaves the door open to a split in society where the wealthy people achieves "escape velocity" and they become a different class, or even a different species. The can manage the underclasses with the very powerful media and manipulation tools they have. They have all of the details about each one of us and the analytical tools to process them so they will be able to find the soft spots that can be used to convince a statistically sufficient part of the rest of us that "this is the only way it can be".
And we may be seing the beginning of this already...