The Church asserts:
Everyone knows that the Fathers of the Church laid down the duty of the rich toward the poor in no uncertain terms. As St. Ambrose put it: "You are not making a gift of what is yours to the poor man, but you are giving him back what is his. You have been appropriating things that are meant to be for the common use of everyone. The earth belongs to everyone, not to the rich."[2]
— Pope Paul VI, Populorum Progressio (1967)

I lifted the above from the Wikipedia entry "Universal destination of goods." The universal destination of goods is a foundational principle in Catholic teaching; the right to private property is subservient to it.  Populorum Progressio is as relevant and important today as it was fifty years ago.