> There is nothing inherent about wealth that grants the owner power over many other people. The owner, if very skilled in combat, might be able to physically defend their wealth

In order to even have a concept of "owning wealth" there must be a physical defense of wealth already set up.

It's "inherent" in that sense. Owning the thing means having some means of physical militaristic defense of the thing.

The underlying fact you're referencing here is simply that the means of defense is never an individual's physical power.

What it is instead, is their position in a social graph of interests. Other people in the society have their own lives structured so that it's in their interests to serve and protect power.