Who do you imagine the 1% to be? Probably I‘m the 1% in my country. I have no extraordinary power whatsoever.
Maybe you mean the 0,1% or the 0,01%.
Quibbling over the mathematical inaccuracy of the term is tilting at windmills. You'd have better luck getting people to stop using the word "literally" to mean its opposite.
The top 1% are pretty close to having most of the wealth in the US. They have about a third of it. Then 90-99 have about a third, 50-90 have about a third, and 0-50 have a rounding error.
The top 0.1% have about 15-20% of the wealth, which is very concentrated but not a very big fraction of the entire pie. Meaningful cutoffs are tricky to assign.
I don't know how to measure power. You could probably assign a lot of power to the top 0.01%, but in the US they have a single digit percentage of wealth.