Firstly the poor old wolf gets maligned quite wrongly and too often, which is a great shame.
Second , the poor have nothing much for the wolf to take . . . it is the rich man that should 'fear the wolf' for he has plenty to worry about.
There are many wolves in many guises, but I can't help feeling that this old saying is somewhat flawed. I bet you still use it though . . . I do too.