Honestly that sounds like a pretty good trade-off. The percentage of people who are ridiculously wealthy goes from tiny to tinier, and in exchange everybody else gets a good shot at a comfortable life.
But it's also pretty hard to retire early... I'm grateful that I was born in Poland where retiring early is a real possibility (high tech wages compared to costs of living and low taxes make it possible) instead of a country like Germany, Belgium or Italy where you basically don't have such option.