I don't think this is the case. I think it's about wealth inequality and the resulting centralization of power. When you concentrate all the wealth to such a sm

I don't think this is the case. I think it's about wealth inequality and the resulting centralization of power. When you concentrate all the wealth to such a small number of people, the only thing they can do with it is to buy more property. They just can't consume that much. They buy property, which means it gets more expensive for the regular people, so they are no longer able to afford it. That then means they must pay rent for everything to the extremely wealthy. That causes regular people to have less money for consumption, and the rich will use the money to buy even more property. This cycle continuously makes the rich richer and the poor poorer, and that's what's causing economic irrelevance of the masses. They can no longer afford to buy services from each other, because the rich are sucking all the wealth up and not using it to consume/buy services from regular people. Sure, they consume some luxury goods, but not enough to employ the masses. We need a huge wealth redistribution to enable regular people to buy services from each other again and make themselves relevant to each other.