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Critiques of elites define populism, which conceives of power relations as a unified, conspiring elite exploiting the good people. Yet, populism itself is inherently elitist, calling for a strong leader to take power and channel the will of the people. Elite theory, surprisingly overlooked in scholarship on populism, can clarify this apparent paradox and elucidate the dimensions of populism and its risk of authoritarianism in new ways. In contrast to populist ideological conceptions of power relations in society, elite theory points to the possibility that several elites with diverging voices and interests exist. Furthermore, elite theorists argue that such elite pluralism is a necessary component of a well-functioning democracy. Much scholarship on populism, often aiming to understand its causes and focussing on Western Europe and North America, points to the similarities of populist movements. The focus on similarities strengthens the understanding of populism as a uniform phenomenon and populist elite critiques as homogeneous. However, broader comparative studies show that different populist movements target a range of various elite groups. Indeed, the empirical reality of populist elite critiques targeting diverse elite groups is more in line with elite theory than populist ideological conceptions of power relations in society. A key to grasping the democratic challenges posed by the power relations between elites and masses in both populist critiques and populist solutions is an understanding of the institutional conditions for elite integration versus elite pluralism. This central discussion in both classical and modern elite theory is applied to analyse populism in this contribution.