To expand the sibling comment. In principle the money would reflect IOUs the general public owes them. But also following this logic the way I see it is they accumulated their money was by getting more IOUs through: people employment (being able to command a big pool of work and get a cut of IOUs from it), arbitrage (exchanging lower value IOUs with higher value IOUs), or simply stealing (eg. siphoning government resources).
To expand the sibling comment. In principle the money would reflect IOUs the general public owes them. But also following this logic the way I see it is they accumulated their money was by getting more IOUs through: people employment (being able to command a big pool of work and get a cut of IOUs from it), arbitrage (exchanging lower value IOUs with higher value IOUs), or simply stealing (eg. siphoning government resources).
If by wealthy you mean people with a lot of money specifically, than no, the IOU is the other way around.
They hold IOUs from the general public.