Yep and losses are only losses when it's realized. A billionaire can just ride out the crash for 5, 10 or 15 years while investing more when the market is near the bottom. What they are investing in is buying the shares that the middle class has to sell off to pay their rent.

I don't know what you want to label it as but being able to ride out a crash and having your unrealized losses go back to normal while still having capital to buy a ton when the market was near the bottom of a crash sounds like a lot like transferring wealth to me (from the middle to the top).