"If the concern is who controls the means of production and high finance, then housing wealth is only part of the story. Broad homeownership can lower measured wealth inequality while leaving control over major productive assets highly concentrated. From a political economy perspective, the more consequential question is who owns productive capital.

For example:

• If the top 1% owns most listed equities and major businesses, they retain disproportionate influence.
• Middle-class homeownership does not necessarily alter corporate governance or capital allocation.

This is why some analysts distinguish between:

• Wealth dispersion (how many households own meaningful assets), and
• Capital concentration (who controls productive enterprises).