> The wealthy have the capital to take advantage of the stock market, but are also insulated from the effects of downturns due to diversified financial investments and cash on hand. Recessions are also when the wealthy expand their property holdings.
None of this negates the fact that the crash wiped a significant chunk of their net worth out. Either they were invested in the market (real estate, stocks, bonds, etc) and they were accumulating wealth in a Picketty fashion until they got slammed by the crash or they missed the crash because they weren’t accumulating. You can’t have it both ways.