I think that is only part of the truth.  As much as people hate to say this, humans are by nature racist and tolerance is something that is learned so I think all you are seeing is in the West a lot of people are uncomfortable with changing demographics.  Even the Nordic Countries which are much more egalitarian are seeing a strong uptick in racism.  By contrast where I am now, Brazil, inequality is quite bad yet racism is much less of an issue as it is a mixed race country.  If we want to stop the likes of Donald Trump, Le Pen, and Wilders, going after corporate leaders won't make one iota of difference, we need to go after racism and the harm it causes.