This is an imprecise take, in particular due to one thing: Target return rate. The rich people expect a return rate regardless of how expensive the asset was,

This is an imprecise take, in particular due to one thing: Target return rate. The rich people expect a return rate regardless of how expensive the asset was, and eventually the asset will have to give that. This transaltes into more expensive consumables, rents, etc. Ie, Asset prices are a part of the real economy.