How to Say "privileged person" in Spanish
The Spanish word for “privileged person” is “privilegiado” — C1 level.
English → SpanishC1
nounC1formal
someone belonging to a favored group

Examples
Era un mundo hecho por y para los privilegiados.
It was a world made by and for the privileged.
Los pocos privilegiados tenían acceso a la educación.
The privileged few had access to education.
Turning Adjectives into Nouns
In Spanish, you can turn many adjectives into nouns just by adding 'el', 'la', 'los', or 'las'. 'Los privilegiados' means 'the privileged ones'.
Related Translations
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