[bequanna]

Not exactly.

Most (all?) rich people will leverage their capital by purchasing assets with debt. The value of the assets increase with inflation while the debts typically decrease (both in real terms and as they are paid down).

Now, this works for the middle-class homeowner too by increasing the value of their largest asset: primary residence. However, wages typically won't keep pace with higher rates of inflation.

I would argue that the total amount of debt doesn't really matter to most working-class people, it's actually the monthly payment. Most are constantly comparing their monthly take-home pay to their obligations and looking for additional opportunities to consume.