This is just not correct. There is the concept of a "trust" where property is not fully owned by any group of individuals, but rather is owned by a legal entity for the benefit of some person or some other legal entity. It is not uncommon for a wealthy person to create a trust to which they give their assets, which will be managed in perpetuity for the benefit of that person's heirs. Just as a trust can own stocks and give the dividends to the beneficiaries of the trust, a trust could wholly-own a company, which in turn owns machines and other property.