Not unlike Cruella De Vil from 101 Dalmatians, the bad guys — V. A. Vandevere (Michael Keaton) and Joseph Gatt (Neils Skellig) — are completely motivated by greed. There's only a scene or two with full-brown yelling, as most of the drama comes from underhanded decisions meant to exploit the Medici family circus workers.
Although Max Medici (Danny DeVito) isn't technically a villain, there's no denying he makes a few bad decisions that are — surprise! — a result of greed, that put Dumbo and the gang in a handful of precarious positions. Fortunately, Max learns the error of his ways by the end of the movie.
Image Source: The Everett Collection