What are the origins of elite fragmentation? Why and when do regional elites split from central elites to create regionally-oriented political parties? Economic geographic divides affect elite’s distribution of political preferences. Nonetheless, other factors beyond economic characteristics, such as mobilization capacities, are also relevant to understand the origins of elite conflicts. This paper contends that intra-elite differences are more likely to be politicized when an economic shock exacerbates preexisting center-periphery intra-elite conflicts and regional elites have mobilization capacities. Elites both affected by asymmetric economic shocks and able to mobilize the electorate will engage in a process of elite fragmentation. I employ district-level electoral, economic, and sociodemographic data in Catalonia during the period 1900–1923 to test when do regional elites seek for an autonomous political path. The results show that elite fragmentation took place in areas more affected by the 1898 colonial economic shock and where electoral mobilization capacities of the elite were larger. In those districts where elites commanded mobilization of voters, the economic effects of the colonial loss were accentuated and elites were more prone to support the regional elite new political party.