My interpretation of the comment you're replying to is that "people with money" doesn't refer to the wealthy - who, as you point out, are typically asset-rich -

My interpretation of the comment you're replying to is that "people with money" doesn't refer to the wealthy - who, as you point out, are typically asset-rich - but instead of a cash-rich, asset-poor middle class (or even anyone in the working class with some savings). Certainly if you're currently saving up to buy your first house in large parts of the West, inflation is your bogeyman - it threatens to simultaneously drive up house prices further and devalue your deposit.