Does it? In an inflationary environment the status quo is that your wages shrink. I guess it’s better than holding cash because you can renegotiate your wages back, but I don’t think rich people have most of their assets as cash.
The US is a classical inflationary environment and wages have kept pace with inflation forever.
Indeed, inflation only, and intentionally, punishes those who hoard cash.
I would note that chart begins prior to ending the gold standard in 1971, and it has tracked very well since 1995.
I was off-base when I said "forever." I should have said in recent history.