a quick look at the economic data shows they do control the majority of our planet's wealth

Not really, actually. The ereason is a bit subtle.

A very large portion of the planet's wealth consists of the capacity of people to earn income by working. Most people have an asset - the value of their labor - which is no counted in standard tabulations of wealth.

Wealth in terms of financial capital is indeed distributed in a very skewed fashion, for a number of reasons. Wealth in terms of ability to earn income is still skewed, but far less skewed.

You can see this when you look at the distribution of financial wealth versus the distribution of financial income.

The difference is enormous. I consider this to be an example of a factoid - true but misleading.