No. But it once was. Then again gas went for 29 cents / gallon in expensive areas back then too. I would add that today millionaire is merely upper middle class and they STILL can't afford maids.
I may be wrong since I am not familiar with US labour market. But I think that has something to do with minimum wage increase?(Which is part of inflation), not billionaires making money?
In my region minimum wage gets increased aggressively in the recent years because politicians want votes. Which made cheap labours unaffordable to many family/employers with less income. Since foreign workers have even lower wage than minimum wage, most people ended up hiring foreign workers when they need cheap labour.
In other words, middle class in my region can still afford maids, but only because they paid below minimum wage to hire foreign workers from more poor regions.
I think the wealth of middle class still increases, but they feel relatively more poor because inflation and minimum wage increase > their wealth increase. So middle classes feels relatively more poor because of inflation.
Besides minimum wage increase, housing price is also what caused inflation.
Billionaires class is like 0.001% of the population. I don't think their wealth is the main reason behind inflation because their population is so tiny. If you make the argument of upper middle class(the top 20%) caused inflation by buying tons of real estate and drive the housing cost up, it would have make more sense. I certainly have seen data saying upper middle class's wealth increased way more than other class in the past 30 years.
They are upper middle class(top 20%) though, not billionaires(top 0.001%). Upper middle class are still much closer to common people than billionaires like Elon Musk.
Overall I do agree that middle class probably feel poorer because of inflation. But I don't think it is entirely billionaire(the top 0.001%)'s fault.