I don't think it is a sign of an inferiority complex. It relates a lot to how they have been treated as children. Parents, teachers, maids, etc. inflated their self concept. Additionally, most arrogant people were given everything as children, and as adults, they feel like the world owes them. In places like India and South America, most of the children of the upper class act in such arrogant ways. I have never been to India, but I think that the behavior expressed normally in Bollywood movies indicates a tremendous arrogance by the upper class, when they deal with the "plebeians".
If we want to reduce arrogance, we must teach people empathy over authority. Disciplinarian families teach obedience instead of reason. This generates a direct source for arrogance. The moment a person has unquestionable authority, the person becomes arrogant.