Now why does that matter? Well, I'll give you two examples that affect your contemporary life; fascist "populism" and "the economy"
When fascists claim popular support or "the will of the people" what they're really doing is using this property-owning class as a stand in for the body politic. Most of their rhetoric and fearmongering, is focused entirely on motivating that class to join up with the movement, so they can hold out these 10-20 percenters as evidence of their "popular support/will."