It is and it isn't. Relative wealth within society has consequences regardless of absolute wealth. But globally power is absolutely shaped by wealth distribution as well, as wealth distribution is influenced by power relations too.

Political power and social class don't feed hungry people.

Overeating now kills more people than hunger, it just flipped somewhat recently.

Yet both can be at alarmingly high rates at the same time, it's not like one cancels the other out

This story is literally about global wealth.

And you talked about income, not wealth. The problem is that your comment is simply not relevant.