And, in theory at least, belongs to and serves the people as a whole.

Not one single solitary exclusive and extraordinarily privileged human being.

In theory. In practice, this wealth is controlled and overseen by privately owned commercial banks that look out for the interest of their owners, i.e. primarily the super-wealthy.

Would that wealth be more or less accountable to the people at large if it were in a small number of private hands?

> in theory at least

creating inflation sure helps people as a whole!