That's currently the case in the UAE. Only fancy people who race camels own camels.

Not to be nitpicky, but I'd s/many/a few.

We have boarded horses for years. You'd be surprised at how little money the average horse owner makes. People tend to only think of the expensive racehorses and the wealthy people who own them and not of the person who works, e.g., as a McDonald's manager and paid $700 for her horse and less in monthly upkeep than a car payment.

Horses and camels were always the playthings of the rich. About 1860-1910 it got to the middle-rich farmer (In the US many farmers had 100 acre farms: the value of that land alone means rich even if it was value you couldn't access), but then tractors took over.

Do androids dream of electric sheep?