Rule by the rich always destroys the nation and society.
Look at Latin America. Look at the Third World. This is what you get when you let the rich run your country. In Latin America, the rich live in enclaves on hilltops with huge fences, sometimes topped with barbed wire and even guard dogs and armed guards. Down below, vast slums spread out as far as the eye can see, slums of shantytowns with makeshift housing, no plumbing, no running water, no electricity. Schools, medical centers and even paved roads are few and far between. Here millions fester amidst crime, squalor and mass unemployment and underemployment.
And every night, whole thieving armies of the poor march up the hillsides to the homes of the rich to try to redistribute the best way they see fit.
Wealth will always tend to get redistributed one way or another, if not legally, then definitely illegally. People will only put up with so much inequality before they take matters into their own hands.