Inflation affects wealth heavily, due to the way it is taxed.
Real estate is a good example. As inflation drives its imaginary value up, taxation extracts real value that will never be returned, regardless of the cycles of the economy.
That’s not a good example, because in the case of taxation related to the value of the property the taxation is commensurate with the expenditures of the taxing authority — which will rise with inflation just as the value of the property rises with inflation.