Importantly, this is LocalBitcoins trading volume.  The main reason for using LocalBitcoins is for anonymity and avoiding government influence, so I would assume that people trading on LocalBitcoins are afraid of a hostile government.  Since it's mainly the government who has money or the elite which would have influence, I doubt it's mostly rich people who are using LocalBitcoins.  I would see it as a more grass roots movement.