The Bretton Woods pseudo-gold standard provided some check on inflation. When it ended, inflation allowed employers to effectively reduce the wages of workers in terms of purchasing power without nominally reducing them. Wage competition did drive wages up, but at a lower rate than asset appreciation. As wealthy people saw their assets appreciate, poor people saw stagnant or reduced income and therefor a reduced ability to accumulate assets. Poor people attempted to compensate by borrowing which of course had the effect of increasing rather than decreasing wealth transfer to the wealthy. Banksters and their ilk got interest payments on top of profits and asset appreciation.

 I fear the situation is even worse than you suggest because the statistics are subtly altered to stave off social unrest.