[ChuckMcM]

You would have to define "hoard" here. But there is a more interesting question which is that when Bill Gates is worth 54 billion a lot of that is stock in Microsoft, not fungible cash.

When you have a millionaire who is "rich" because they own their house (no mortgage) and the house is worth more than a million dollars, they might still be living paycheck to paycheck. The difference being they could leverage their house if they needed money on short notice.

That said, it would be interesting to see what shooting down rent-seeking taxes would do here. If for example you allowed copyrights to expire in a reasonable time, then you could have people put on a play and keep the profits. Something they can't do today.