Yes, some governmental policies, especially those of the Republicans, have caused selfishness in the upper classes. Many governmental policies such as tax breaks for the wealthy and corporations have caused the rich to become disconnected from society and not care about other members of society who do not have as much money.
Republicans have a way of looking out for the rich and catering to them. This is a big part of what shapes Republican policies and stances on issues. Biden is right to make these remarks, and something certainly needs to change. Politics shouldn't be about money, it should be about policy and common sense.
At the end of the day, if a rich person is doing something that makes them a little bit of extra money, they should be allowed to keep what they have earned. If they come up with a great idea that benefits society, or they work longer hours or a harder job than other people, there's nothing wrong with letting those people keep what they have earned.
One percenters get a bad rap as greedy businessmen looking to suck money out of communities, smaller companies, and individuals. While this is an accurate description of some of these rich individuals, most are actually quite charitable. Take professional athletes, for example. While they might not all reach the 1% threshold, nearly every professional athlete has his or her own charity, or supports one significantly.