The one thing that wealthy people actually purchase is assets. They can’t possibly spend all their money. The extra money is managed by wealth managers. Those managers automatically use the money to purchase more assets. This drives the prices of assets ever upwards. Fortunate people like doctors, lawyers, and tech workers with high paying jobs might be better off than most, but they can not afford to purchase assets that the truly wealthy people desire.

I could afford a house, sure. In the boonies. Could I afford to buy the NYC apartment I live in? No chance.