You're missing a very important aspect: demographics. In several nations, we're in a unique moment in time as the majority of the population is old-ish. Old pe

You're missing a very important aspect: demographics. In several nations, we're in a unique moment in time as the majority of the population is old-ish. Old people are conservative in that they're looking for the exit, they've worked longer (more time to save/invest) and they've benefited from favorable macro conditions. So you might as well say the opposite: a lot (most) wealth is locked up in an enormous group of people (the majority), so not in a tiny group of people. On top of that, yes, there's also a small group of super rich. The other aspect you didn't mention is globalization. The former middle class is now the lower class. The "mail man" in the 60s that could own a home and run a family on unskilled labor no longer exists, nor will it return.