Sure, the bottom gets a smaller overall cut of an ever increasing pie, but their incomes have still increased over time.
Only an evil person would perceive well-being to be dependent on what others have in relation to themselves, beyond having basic needs met. Someone owning a private jet, for instance, has no bearing on my enjoyment of owning a $7 RC quad-copter.
I challenge you to find the person who would prefer to be in their income bracket for 1973, or prefer 1973 levels of medical/mental care.
It's an inevitable consequence that those with more means are able to grow their assets at a faster rate. Just like compounding interest, wealth begets wealth.
I'm not sure what an equitable way to address income inequality is, or even convinced it's a problem. The people who are wealthy change over time, just as those who are poor change over time.
How is fantastic personal wealth a bad thing? Elon Musk put the majority of his own money into financing his various ventures, and I would say his businesses are fostering innovation and creating wealth for many. Wealthy people don't just spend their days Scrooge McDucking in their money; instead they spend and invest it.
Finally, people who are poor at managing money are likely to always be poor at managing money, regardless of the amount. Their personal behavior is the likely reason they will remain poor (for the 2% of those in poverty that never get out). People who are bad with money that win the lottery still go bankrupt. Spending problems cannot be remedied with income solutions.