What is not privately owned is public wealth. It’s everything that exists within the territorial boundaries of a country and the citizens have a legitimate claim to it. The question is this: who has the authority and the right to control it? Furthermore, when and how do the citizens of a country get access to their share of what wealth they collectively own?
I believe that the public must have direct access and control of the public wealth. There are two justifications for it. First is on moral grounds, and the second on economic efficiency considerations. Stealing is immoral. Preventing people from getting their share of the public wealth they collectively own is stealing, and therefore immoral.