Why did some of the richest, most powerful people in the UK support Brexit?

Britons elect MPs. Europeans elect MEPs
Britons don’t elect the prime Minister, Europeans don’t elect the commissioner.
Britons don’t elect Whitehall. Europeans don’t elect Brussels.
I suppose you could argue that “first past the post” represents some vital democratic principle, but it would be a weird argument.

Any attempt to make the European Commission more democratic would likely be met with howls of protest that this would infringe on sovereignty or whatnot.