One way to solve this problem is with a wealth tax (or a solidarity tax, perhaps). The economists Emmanuel Saez and Gabriel Zucman have proposed a 10% annual marginal tax on wealth holdings over $1 billion. This would push the richest to sell some of their assets, thus distributing wealth more fairly. But in an era of ecological crisis, we must be more ambitious than this. After all, nobody ‘deserves’ this kind of wealth. It’s not earned, it’s extracted: from underpaid workers, from cheap nature, from rent-seeking, from political capture and so on.
