[apta]

Islam solved this problem a long time ago. It has a built-in "charity tax" called Zakat whereby a portion of people's wealth (as long as they make more than a minimum threshold) is donated to charity each year. The portion depends on what kind of wealth it is (e.g. for gold and silver have a different rate from produce, the former being only 2.5% per Hijri year). This ensures lifting up the poor and stimulating the economy by discouraging people from hoarding wealth, yet, it is not a socialist system because it heavily discourages people from being needy and relying on others. There were many rich and wealthy Muslims across history, and it is not frowned upon one bit.

It is historically established that there was a time, when everyone committed to paying their Zakat, that there were no more poor people left to take it!