The most common and most likely answer to this crossword clue is the 8 letter word GRANDEES
I've seen this crossword clue in The Guardian
G
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Buddy explains!
The straight part
We know that "privileged folk" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case privileged folk = grandees.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does GRANDEES mean?
GRANDEES noun- A high-ranking nobleman in Spain or Portugal.
- (by extension) A person of high rank.
- The title for a high ranking nobleman in Spain or Portugal.