If you really did mean “when wage growth is driven by inflation,” then you’re even further off base than I thought, because inflation doesn’t drive wage growth, at least not reliably. The main thing that drives wage growth is low unemployment – more specifically, workers feeling their oats because they’re confident that they can find a job somewhere else. Inflation isn’t a cause of this phenomenon, though; it’s the effect. If unemployment were up around, say, 6 percent – where the Fed really wants it to be – workers would be too intimidated to ask for raises no matter how much prices rose.
As for the wealth of the superrich coming from “nowhere,” the effect is still the same as if they were passing around actual slips of legal tender: it entitles them to a larger share of the national pie than you or I enjoy. Their accumulation of riches on paper has a net deflationary effect on the dollar, because the number of dollars has gone up faster than the amount of actual tangible wealth. The fact that the dollar is still strong relative to other currencies is testament to the pace of our economy, I guess.