It's a transfer from those who have a high fraction of their net worth in cash equivalents to those whose cash fraction is low or even negative. Nobody actually has a million dollars (well, maybe except for some who have a lot of laundering ahead of them?), but plenty of smallish "emergency funds" or "future downpayments" in deprecating savings accounts.
And a transfer from those earning salaries as well, even if the salaries keep up with inflation (due to the Cantillon effect - the holders of capital will have access to the money first, so they can use it before it's "fully devalued", versus wage indexing which comes later).
