Wealth has changed in nature over the past century: once held by the elite, it is now widely held in the form of housing and pension savings.

Wealth and history: A reappraisal by Daniel Waldenström.  From the Abstract:

Wealth inequality has attracted considerable attention in recent years. This column presents new historical evidence that revises earlier results and reveals long-term patterns. A key finding is that wealth has changed in nature over the past century: once held by the elite, it is now widely held in the form of housing and pension savings. These changes appear to account for the redistribution of wealth over the last century and the fact that its concentration has remained relatively low in more recent decades despite rapid increases in aggregate wealth.