In Brazil, coronel is a military rank.
It's also the status of some people, mainly in the northeast region of the country, who has control over the people. Their power comes from their havings compared to a very poor people.
It depends what you are trying to say. I think the more natural way to say it would be their wealth or from what they own. Possessions tends to describe more intimate things.
Do you know Minas Gerais (Southeast), Santa Catarina e Rio Grande do Sul (South), Mato Grosso e do Sul (Central West), Tocantins, Rondônia, Acre (North) etc...?