Generally yes, but the yields on real estate are small relative to the notional value. Further, by necessity most things are held at a notional value and the s

Generally yes, but the yields on real estate are small relative to the notional value. Further, by necessity most things are held at a notional value and the sum of all these notional values far far outweighs the total sum of all the money people are holding in bank accounts. Now obviously everyone in the world couldn't sell everything and achieve the notional values and put those in bank accounts, because in order for everyone to sell there would have to be buyers, but we can't have buyers because everyone is selling. But if somehow we could, the amount of money in banks would probably go up 100x or so, but definitely at least 10x. That means that real assets far outweigh money in the economy and so it's kind of strange to think about 'capital' as money rather than as assets. Assets are things which are generally useful in some particular way (a car, a house, a factory, etc) rather than as their potential which is more what money is.