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For practical purposes, I consider it owning if my access to my purchase is either guaranteed or I can take reasonable steps to guarantee it myself. For me, that includes physical games that don't require activation and DRM-free digitally distributed games with convenient backup methods. Notably that excludes Steam, although I consider Steam a highly reliable service for the foreseeable future (time after Gabe is uncertain though, but rapid changes after him are probably unlikely).

Physical copies obviously might not last forever, but that's not a question of ownership - it's a separate issue. That said, in my experience physical copies last a long time, assuming you keep them well.