See “Does Money Make Man Materialistic?” The short answer is no. We see this clearly in Koheles. In fact, when the author tries to convince his readers he had the insights he does, he shows us he had bodily desires sated first. Thereby he understands all is utter vanity and gets to the conclusion of serving Hashem.
There is an expression in this line if slightly misphrased: “Parvis imbutus tentabis grandia tutus.” (When you are steeped in little things, you shall safely attempt great things.)
The true problem with socialism is not the cruel human suffering it imposes, but the lack of religious focus when one is forced to first tend to his basic needs.