Apply your definition to land and you will see why it is flawed.(Hint: can't create land)
Private Property is something that you have applied labor to, yes, but is not limited to what you simply create. You did not create your body, but it is still your private property....
...and this should put to rest the idea that the "right to property" somehow conflicts with the "right to life". The right to life is STILL a right to property, namely your physical property.
Food is necessary for "life", but we have no problem with letting the "rich greedy bastards" own and market the food. In fact, socializing the food has historically lead to LOTS of people starving to death.
Scarce resources need to be economized, and the best people to economize things are the ones who have a direct, personal stake in the economization of said resource(ie; the owner).
How does a person "make a million", exactly? Well, he has to increase human satisfaction to the tune of one million dollars. Think about it......
"I do not add 'within the limits of the law,' because law is often but the tyrant's will, and always so when it violates the right of an individual."