They are neither investing in production nor consuming assets really. Any billionaire's yacht is an insignificant fraction of the world's resources. What matters is capital misallocation - they are investing in things that aren't productive that they think are productive and because they have too much money to invest, a too great share of society's resources are going towards those unproductive investments and productive activities are seeing shortages (e.g. the RAM crisis in PC and console gaming).

This is why capital accumulation, of the extreme kind we see today in the USA, is wrong. Not because greed is a sin (although, it is, and most of these guys are going to burn in hell), but because it turns the country into functionally the USSR bureaucracy. We are basically doing central planning in huge swathes of the economy and surprise surprises, it’s not working.

It's very interesting how every comment I've made recently along these lines has been downvoted without any replies. I'd like to know why people think it's incorrect.