Explain verse 3:112 about the people of the Book

> You are the best community ever raised for humanity—you encourage > good, forbid evil, and believe in Allah. Had the People of the Book > believed, it would have been better for them. Some of them are > faithful, but most are rebellious. > > They can never inflict harm on you, except a little annoyance. But if > they meet you in battle, they will flee and they will have no helpers. > > They will be stricken with disgrace wherever they go, unless they are > protected by a covenant with Allah or a treaty with the people. They > have invited the displeasure of Allah and have been branded with > misery for rejecting Allah’s revelations and murdering ˹His˺ prophets > unjustly. This is ˹a fair reward˺ for their disobedience and > violations. 3:110-112 Does verse 3:112 mean that Jews and Christians (the people of the Book) will be poor and in disgrace forever? But why do many Jews and Christians today own huge wealth, such as many Americans or many Europeans? And what is meant by "shame"? After all, there are a lot of Christians and they are not under disgrace and many of them are not protected by a covenant with the people of the world. For example, the majority of the population of North and South America are Christians, and they are protected only by their countries, and not by the rest of the world. And who is meant by "people" in this verse? Please explain the verse 3:112.