1. The vast majority of middle class wealth is locked up in (non-investment) housing. That money provides a roof and access to quality education, but in almost all cases, it's not being efficiently deployed as capital.

2. Whatever remaining money that is deployed as capital, is not done so in a way that implies control over their chosen investments. Think "majority shareholder" vs. "just another investor". That's the difference between "controlling capital" and merely having a bit of skin in the game.