The problem is black-and-white thinking that ignores reality.

There are different kinds of wealthy people. Some built their wealth through talent and luck. Some inherited it. Some gained it through state cronyism and clientelism.

Some own scarce assets (like real estate). Others created new assets (e.g., startup founders).

You can dislike Elon Musk, but his owning a large stake in Tesla doesn’t make others poorer. That’s not true of a landlord who corners housing supply in a city.

Wealth taxes are essentially revenge taxes without a clear objective. France tried one for years. It was costly to administer, riddled with exemptions, encouraged avoidance instead of productivity, and sustained an industry of tax specialists. The revenue was largely recycled into clientelist spending, sometimes increasing the wealth of the same elites (e.g., via housing subsidies).

If the goal is to curb land hoarding, implement a land value tax. If it’s to reduce dynastic concentration, tax large single-heir inheritances more heavily and lower the rate when estates are widely divided. If it’s to reduce cronyism, cut state spending, simplify regulation, and strengthen competition.