No, you're not diluting wealth unless you're sitting on a Scrooge McDuck pile of cash.

If you have investments or property, they go up with inflation. If you're leveraged, inflation is a huge win.

Inflation is a massive redistribution of wealth, but it's more complex than that. The debt-ridden lower classes benefits. The non-debt-ridden renter class is harmed. The mortgage-holding class benefits. And so on.

Inflation is good for folks with student debt too.