I hate statements like this because they are completely misleading. other similar ones like "top 1 % controls ~50 % of wealth" etc.
This goes by networth. Imagine this, there are about 20 million college students, nearly all of then have a negative net worth. By that logic, if you hand a homeless person a single $ bill, they 'control' the wealth of at least 20 million Americans. you can add in tons of americans who have a positive net worth to make up for all that negative net worth. Its an absurd way of thinking. its especially problematic since most net worth is paper net worth (stocks that not even the owners can really touch).
Surely someone who just graduated college and has 100k negative net worth is far better off than a starving person in a desert, distended belly and all.