socialist, socialite

Socialist or socialist means someone who believes in economic equality, through a system of collective ownership of land, factories, and other property--
He ran for office as a socialist party candidate, but he got very few votes.
In the 1950's he would have been investigated for his socialist writings.

Socialite or socialite means a prominent person at gatherings of the wealthy or elite--
She is just a socialite, lionized in the press for no particular reason.
He married a wealthy socialite, and hasn't worked a day since.

Now that you know that, you can say--
"She's actually a socialite; she advocates socialist principles because it shocks her family."

Note--"social list" ( two words, rhymes with socialist ) means a printed or written series of names of friends and acquaintances--
Shall we put him on the business list or on the social list?