The Jewish upper class at the dawn of the 20th century had lost touch with the general population of Jews. The extreme wealth of the Jewish upper class, coupled with the Emancipation, accustomed the Jewish upper class to an indifference to the situation of the general population of Jews.
Hubris disconnects the head from the body.
The Jews' aggregate wealth was however not great enough to keep up with the vast increase in wealth of the imperialist powers. Jewish political power evaporated when the balance of power between the European nation-states began to come apart. The Jewish upper classes became irrelevant and impotent, and thus they came to be resented and hated.