The thing is, when someone starts getting very wealthy, they inevitably errode the checks and balances put in place to curtail their power and to protect the poor. For example, electricity used to be nationalised in my country until a few years ago. The state company in charge of it would seek to stay near the floating line, not to make profits, and power was very affordable. Before the pandemic, it got privatised and prices went through the roof, we’re talking 1000% increases in some cases, because now they had to make money for the shareholders.
This could only work if the people were very conscious and politically educated, so that they could prevent these things from happening. But just one bad generation can see those hard earned protections and rights erroded.