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In an inflationary environment the transfer is from poor to rich. In a deflationary environment is from rich to poor.

Absolutely not. Between someone with near zero net worth and someone with $100 billion net worth, inflation will cost the former almost nothing and the latter billions. In a deflationary environment a billionaire gets rewarded for merely existing while everyone else is starving for cash.

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Someone with a net worth of $100 billion doesn't have one billion $100 bills. They have assets: land, equities, and machines. And they tend to also have lots of debt, because they can borrow at ultra low interest rates, which allows them to acquire even more assets beyond their net worth. Inflation helps them because leverage is cheaper for billionaires than for anyone else.

Someone with a net worth of $100b would be well advised to keep it as $100b in bills in a deflationary environment though, because other more productive things they could be investing in would, on average, return less money.

Deflation is everybody else working harder than last year to beg cash hoarders to spend their money back into the economy.

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