Yes, but the other end of the spectrum is also bad. Placing wealth in the hands of only a few causes other kinds of problems.
In Europe, the industrial revolution led to incredible wealth in the hands of a few industrialists. In the US too (in the roaring 20s). It caused lots of problems.
China also suffers under the abuse of an elite. Are we going to end up like China, or like the 20s again, or like the times of the industrial revolution again (with coal smog covering the big cities, because the rich are too greedy to do something about it) ?
The 20s ended with an implosion of a wealth bubble. About 5 years ago there was another implosion, but this time the wealthy simply print more and more money to keep their precious bubble intact. It's just unreal.
They're doing the same with our coal-based economy. They don't want to spend money on new technology if that means they've to throw away trillions of dollars worth of shares in oil companies, energy companies, car companies etcetera. Those will become worthless and they'll lose their wealth and power. They don't want that and they'll do whatever they can to prevent a change.
(I know I would try everything if I were that wealthy ^^)
Democracy saved us from ending up like China during the industrial revolution. But democracy is hollowed out, especially in the US, by the might of money. You can literally buy yourself a seat in Congress and do whatever crazy stuff you want in there... just throw a lot of money on ads, discredit your opponent by whatever crazy scandal you can think of, doesn't even have to be real... and you're safe.
Hell, because of the "war on terrorism", everybody is a suspect and subject to an elaborate spying network that monitors billions of people (just to catsh a handful of terrorists). There were times when the rights of the individual were protected, when monitoring was only allowed after there were reasonable suspicions. Now everyone is a suspect, while 99.999% of those monitored have done absolutely nothing.
And where is all that information going... such information is valuable and it won't stay indoors. It'll leak to different parts of the government, maybe to top industrialists ... anything to gain an advantage on the competition.
And while they're busy spying on each other and planning one costly war after the other, the world around us is falling apart.
It's horrible, just horrible, they should get their priorities straight.
A. You make sure your home is a nice place to live in.
B. You make sure your home will not be flooded in 100 years from now.
C. After that, you're free to fight your neighbour.