It's not going to wipe out humanity, why would it?

Just the quality of life is going to drop to zero for everyone that isn't asymptotically wealthy and vacuuming up all the assets because no one is stopping them from just deleting all traditions and conventions and legal systems we have in place.

As a thpught experiment, consider that if only one person has all of the assets then those assets are not worth anything. Furthermore, as a lone person, they cannot prevent other people from using their assets without their permission.

If you don't pitchfork the elites you have no one but yourself to blame.