The title to this psalm is the same essentially as the title to Psalm 42:1-11; 44; 45; Psalm 46:1-11; Psalm 47:1-9. On the meaning of the terms occurring in the title, see the notes at the title to Psalm 42:1-11.
The "author" of the psalm is unknown. There is no evidence that it was composed by David; and, in fact, the presumption is that he was not the author, as his name is not prefixed to it.
It is, of course, impossible to ascertain the "occasion" on which it was composed. It would seem from the psalm itself (see the notes at Psalm 49:5) that it was written in view of some evil or wrong which the author was suffering from rich oppressors, and that he sought consolation in his trials from the reflections which he makes in the psalm - to wit, from the fact that wealth constitutes no security - that it gives no permanence to the projects of its owners and that it really possesses no "power" in carrying out the plans of those who abuse it to purposes of oppression and wrong. The wealthy man, no matter how great his possessions may be, cannot redeem a brother from the grave; he cannot save himself from the tomb; he cannot make his possessions permanent in his family; he cannot take his riches with him when he dies. There is really, therefore, nothing to "fear" from the man of wealth, for whatever such a man can do must be temporary. The higher interests of the soul cannot be affected permanently by anything so uncertain and transitory as riches. It is not improbable that this train of thought was suggested by an actual occurrence in the life of the psalmist, whoever he was; but the reflections are of universal importance in regard to riches considered as a means of power, and to their real value as it respects the great interests of man.
The contents of the psalm are as follows:
I. An introduction, calling attention to the general subject as worthy of the consideration of all classes of persons, both low and high; as conveying lessons of wisdom; and as being the result of much reflection, Psalm 49:1-4.
II. The main subject in the psalm, or the point to be illustrated; to wit, "that the righteous have no reason to be afraid when rich oppressors compass them around; or when the rich oppress and wrong them," Psalm 49:5.
III. Reasons for this; or, reasons why those who are possessed of wealth, and who glory in the self-importance derived from wealth, should not be feared, Psalm 49:6-20.
(1) no one can by his riches save another - not even his own brother - from the grave, for all (whatever may be their condition) must die, and leave their wealth to others, Psalm 49:6-10.
(2) they cannot, by any wisdom or skill make their possessions "permanent," or secure, Psalm 49:11-12.
(3) they will not learn wisdom on this subject from the experience of the past, but the coming generation is as foolish as the one that went before, Psalm 49:13.
(4) all must go down to the grave, however rich they may be, Psalm 49:14.
(5) there is a better hope for the righteous, and though he goes down to the grave, he will live hereafter, Psalm 49:15.
(6) the rich can carry none of their wealth with them when they go to the grave. All must be left behind, and pass into the hands of others, Psalm 49:16-20. The conclusion from the whole, therefore, is, that we should not be "afraid" when one is made rich - when the glory of his house is increased, for the possession of wealth by another, though an enemy, gives him no such permanent power as to make him an object of dread. In our real, our highest interests, we must be safe, whatever the rich oppressor may do.

All men are invited to attend to lessons of wisdom relative to the insufficiency of earthly good to save or prolong life; to secure the resurrection from the dead, Psalm 49:1-9. Death is inevitable, Psalm 49:10. The vain expectations of rich men, Psalm 49:11-13. Death renders all alike, Psalm 49:14. The psalmist encourages and fortifies himself against envying the apparently prosperous state of the wicked, who are brutish, and die like beasts, Psalm 49:15-20.
The title, To the chief Musician, A Psalm for the sons of Korah, has nothing particular in it; and the Versions say little about it. One of the descendants of the children of Korah might have been the author of it; but when or on what occasion it was made, cannot now be discovered. The author aimed to be obscure, and has succeeded; for it is very difficult to make out his meaning. It is so much in the style of the Book of Job, that one might believe they had the same author; and that this Psalm might have made originally a part of that book. "It seems," says Dr. Dodd, "to be a meditation on the vanity of riches, and the usual haughtiness of those who possess them. As a remedy for this, he sets before them the near prospect of death, from which no riches can save, in which no riches can avail. The author considers the subject he is treating as a kind of wisdom concealed from the world; a mystery, an occult science with respect to the generality of mankind." Dr. Kennicott has given an excellent translation of this Psalm which is very literal, simple, and elegant; and by it the reader will be convinced that a good translation of a difficult passage is often better than a comment.

INTRODUCTION TO PSALM 49
To the chief Musician, A Psalm for the sons of Korah. Aben Ezra says this psalm is a very excellent one, since in it is explained the Light of the world to come, and of the rational and immortal soul; and Kimchi is of opinion that it respects both this world and that which is to come: and indeed it treats of the vanity of trusting in riches: of the insufficiency of them for the redemption of the soul; of the short continuance of worldly honour and substance; of the certainty of death, and of the resurrection of the dead. And the design of it is to expose the folly of trusting in uncertain riches, and to comfort the people of God under the want of them.

(Psalm 49:1-5) A call for attention.
(Psalm 49:6-14) Folly of worldlings.
(Psalm 49:15-20) Against fear of death.

Of the Vanity of Earthly Prosperity and Good: A Didactic Poem
To the pair of Psalm 47:1-9 and Psalm 48:1-14 is appended Psalm 49, which likewise begins with an appealing "all ye peoples;" in other respects, being a didactic song, it has nothing in common with the national and historical Psalm, Psalm 46:1. The poet here steps forward as a preacher in the midst of men. His theme is the transitoriness of the prosperity of the ungodly, and, on the other hand, the hope of the upright which rests on God. Accordingly the Psalm falls into the following divisions: an introduction, Psalm 49:2, which by its very promissory tone reminds one of the speeches of Elihu in the Book of Job, and the two parts of the sermon following thereupon, Psalm 49:6, Psalm 49:14, which are marked out by a refrain, in which there is only a slight variation of expression. In its dogmatic character it harmonizes with the Psalm of the time of David, and by its antique and bold form takes rank with such Psalm as Psalm 17:1-15 by David and Ps 83 by Asaph. Since also in the didactic Psalm of David and Asaph we meet with a style differing from that of their other Psalm, and, where the doings of the ungodly are severely rebuked, we find a harsher and more concise mode of expression and a duller, heavier tone, there is nothing at variance with the assumption that Ps 49 was composed by the writer of Psalm 42:1 and Psalm 84:1; and more especially since David has composed Psalm of a kindred character (Psalm 39:1-13 and Psalm 62:1-12) in the time of the persecution by Absalom. Nothing, however, is involved in this unity of the author.