Toxic masculinity absolutely exists, as Elle Beau explains.

However, you're talking about two different things in this post.

There is toxic masculinity, and that doesn't disappear just because there are privileged white guys in the mix. In fact, the default to not believing certain women when faced with the 'highest echelons' of society (ie. rich, white & male) is yet more toxic masculinity.

TM harms everyone regardless of ethnicity or income. It may be a matter of degree but it's still there.