It is important to contextualize this statement. It appears in three gospels, but in each it is in response to a rich man asking what he must do to inherit eternal life. Each instance of the story is told with slightly different emphasis (or they could be similar stories - i.e. this was his standard "line" for rich people), but Luke's account includes 18:27 He replied, "What is impossible for mere humans is possible for God" NET
This does not mean it's okay to hoard wealth at the expense of others, of course.
I think that Saint Basil the Great's sermon to the rich[1] is instructive for a historical and reasonable Christian instruction on the rich.
Let me add an excerpt I really appreciate:
But how do you make use of money? By dressing in expensive clothing? Won’t two yards of tunic suffice you, and the covering of one coat satisfy all your need of clothes? But is it for food’s sake that you have such a demand for wealth? One bread-loaf is enough to fill a belly. Why are you sad, then? What have you been deprived of? The status that comes from wealth? But if you would stop seeking earthly status, you should then find the true, resplendent kind that would conduct you into the kingdom of heaven.
And one more because I can't help myself:
Since, then, the wealth still overflows, it gets buried underground, stashed away in secret places.... A strange madness, that, when gold lies hidden with other metals, one ransacks the earth; but after it has seen the light of day, it disappears again beneath the ground.
(The whole thing is worth a read, Basil just went hard non stop)
This does not mean it's okay to hoard wealth at the expense of others, of course.
I think that Saint Basil the Great's sermon to the rich[1] is instructive for a historical and reasonable Christian instruction on the rich.
Let me add an excerpt I really appreciate: But how do you make use of money? By dressing in expensive clothing? Won’t two yards of tunic suffice you, and the covering of one coat satisfy all your need of clothes? But is it for food’s sake that you have such a demand for wealth? One bread-loaf is enough to fill a belly. Why are you sad, then? What have you been deprived of? The status that comes from wealth? But if you would stop seeking earthly status, you should then find the true, resplendent kind that would conduct you into the kingdom of heaven.
And one more because I can't help myself: Since, then, the wealth still overflows, it gets buried underground, stashed away in secret places.... A strange madness, that, when gold lies hidden with other metals, one ransacks the earth; but after it has seen the light of day, it disappears again beneath the ground.
(The whole thing is worth a read, Basil just went hard non stop)
1. https://stjohngoc.org/st-basil-the-greats-sermon-to-the-rich...